Yeah, I'll say!
Both pilots survived. Right after this was snapped the pilot. Who was forcefully detached from the rest of his aircraft bailed out(The lower aircraft). (This was at an airshow in germany in I believe 98 0r 99.)
The other pilot I believe bailed out later due to FODing the engines on his aircraft.
Yeah, I seem to remember something about that.
Similar incident occurred at another airshow, and one pilot died.