I have been at the Jersey airshow for the last couple of years in a row and every year Mytravel, the sponsers, bring down a 757 or A320 and fly along the beach area and do a bit of a performance with the Red Arrows. I think they did it with Concorde one year.

Nevertheless, I agree flypasts are not very common for big occasions. You would of though Qantas could of done it for the Olympics or Korean and JAL/ANA for the World Cup!
Maybe TAP will do an A340 flypast for Euro2004 😀