It's called 3d flight - I fly R/C Nitro planes and these guys are always out at the field doing those tricks. Definitely requires some very fast reaction time.
Buddy showed this to me a while back and it still impressis the hell out of me. Its like he took a Ferrari and washed it in hot water YouTube - Ferrari Model Car
Skip the MCX and go straight for the 400. I've got about 6 nitro warbirds built up from balsa and beech (5ft to 7ft spans) and they're great fun. Not too fun to fit them into the Mustang - the wings end up coming into the front seat. Rear floor mats have been replaced a few times due to nitro spills as well.