Yes it is. The flares are at bottom, just flares. It's the spectrum they emit that is sophisticated. The smokes trails are more a function of the backwash from the jet and of the winds aloft. The winds vary by altitude (The jet is diving) and time. The backwash is turbulent flow, with alot of randomness. No way three flares would have the same kinks, with the same spacing, in their smoke trails.
I think the "bombs" are all fake, given the clarity of the jet and the smoke trails, the bombs should be more distinct and bomb looking. I've seen bombs dropped by F-105s, viewed from a similar aspect angle. The aircraft looked smaller if anything(and it's a bigger bird than the F-16) but you could see the individual bombs easilly, and they looked like bombs, not smudges.
See my previous response. An F-16 is roughly 50 feet long. The length of those smoke trails is roughly 200 ft long. That jet is conservatively traveling at 480 knots or 800 feet per second. The smoke from those flares has existed for less than a second. Possibly less than half a second. The difference in wind in that altitude delta and timeframe is essentially nothing. And any vortice impact from the jet will hit all the smoke trails equally. I spent 15 years training with those flares. There is absolutely nothing in that picture that strikes me as odd, and a few things that make at least the flares seem completely authentic.
With regard to the "bombs". Who knows. The resolution of the whole picture is pretty poor. You can't even tell the canopy from the rest of the aircraft. For all we know this photo was taken with a telephoto lens from 15 miles away. Which goes back to my original point. There is enough ambiguity in this picture to set it aside and pummel the clown with his more obvious glaring forgeries.