Now I know those guys fly pretty low to the ground for obvious practicing reasons, but THAT close, and banked over like that? I wondered if there was a bit of photoshopping going on here, but if there is, it's pretty darn good. Even down to the plane exhaust gases. So I'm not convinced it's a fake. Why is the jet pretty much in focus and the surrounding picture not? I think because the camera is moving with the plane, the camera is focussed on the plane and there's a pretty good bit of zooming going on (by the camera) which can make all things that you aren't focussed on more fuzzy.
I can only imagine that the amount of zoom also plays a bit with the composition, in that wing tip just simply can't be a foot or three from the ground. What makes me think that is the size of the other photographer in the picture compared with the size of the plane's crew.
The only other thing that perhaps worries me a little is the upper wing of the plane appears to have some wispy clouds in front of it.
So, in all, I'm not convinced it's real, nor am I convinced it's not. It could still be a picture taken of an upside down fly past at an air show cut then superimposed on the fell scene.
It's still a helluva picture though.