People are so quick to condemn...

Am I the only one who sees that the people in the video are standing ON A RUNWAY? Hello! Runways are frequented by aircraft! Aircraft have the right of way over all other objects on a runway (though this is moot if you want to discuss deer, elk, coyotes, geese, turtles, etc.)

The people who were most at risk of injury had to know how risky their actions were.

Yes, people, often with little or no knowledge of aviation, voluntarily hold poles supporting ribbons to be cut by aircraft. That behavior also seems risky, but then, I don't see people being forced to hold poles.

I'd hate to see government step in and ban anything that involves risk! People (the ones clamoring for the pilot to have his ticket revoked) strike me as being way too interested in banning anything that involves risk.

Not so long ago, Felix Baumgartner took a lot of risks to beak a record (but for little other contrsuctive purpose besides the collection of data). Should we have banned his actions? Since he's been nominated for the Collier award, I think not.

If the guy in that bi-plane had all necessary FAA and airport waivers (like Baumgartner did) then I might agree. But he didn't.

Baumgartner (if that's the argument you want to use) went through all of the required steps to inform the feds, airport, and media that he was going to do this. He then got all the required waivers to applicable FARs and made sure that all risk was only to himself.

The cowboy flying the bi-plane didn't appear to do any of that.

I agree. I hope it was a misunderstanding.
I tend to not trust the news services, but here is another one to read.
http://www.wfaa.com/news/local/dallas/fly-by-187989261.html

He's a talented acro pilot for sure, but the visibility isn't exactly stellar in the S-2 and I'm not even sure he meant to get that close.

And you can't even compare it to lining up down a long runway for a ribbon cut... upright or inverted.

If the original claim was that he came within two feet of the rider on the runway, that claim is wrong. Not even close.

I work that close to obstacles (and people) all day long when spraying a field.

The news article (read: popular entertainment in the business of sensationalizing things) stated that the pilot and ground personnel were part of an act that worked together, frequently in close concert.

No doubt if the video hadn't garnered so much attention, the FAA wouldn't be doing anything at all, and should be doing what everyone else ought to be doing, too...yawning.

Disagree. If this wasn't part of an actual practice for an airshow stunt, the aircraft should not be operated in such a manner. Also - if it was part of a practice then the pilot needs to be up-to-date with his certificates and qualifications (for legally purposes if nothing else)
The FAA should definitely not be "yawning" at this display.

Apparently they're not.

You obviously are one of those people who seriously believes that the only reason airplanes can actually fly is that they have the necessary paperwork all current and up to date with the right signatures and stamps, because if the paperwork was lacking in any way, the airplane would be un-airworthy, and would therefore necessarily crash on takeoff.

The "cowboy" may have put others at risk, but if the others were not already fully aware of the risks, then they were already prohibited from being there in the first place. I'm not saying people should ignore getting waivers for operations that require them, but I am saying that no waiver can eliminate risk.