Let me start by saying that I know nothing about airplane racing. I have seen a few clips of this type of race that was shot from the ground and showed planes going past a post at a considerable speed. That is the full extent of my knowledge. I did watch the above video to the end and all I can say is "And people say NASCAR is boring.". Having said that I can see the similarities between the two. To really enjoy either air races or NASCAR you have to know the players and the politics and rivalries between them. Without that it's just high powered machines going fast in a circle. I am a NASCAR fan and watch most races as time allows. I'm not so big of a fan that I reschedule things to watch it.
If you want to watch something that will make you go "Oh my Jesus!!!" Australian tinny racing is it. Check this out. jump to about 1:40 to get to the action.