I was at aquatic park for this years fleet week Blue Angels exhibition, the photo is real. I've seen the blue angels all over the country and this maneuver is a standard part of their routine. That being said, I think this was the lowest I'd ever seen it performed. Here's a video of the same pass as the photo.

http://jumpcut.com/view?id=C009AF72755211DC9F89000423CF037A&u_id=&them=1