The interesting thing to me is that ex fighter pilot Bush is looking at something different than most of the rest. I think he and the widow(?) are looking at the "missing" plane, the one that pulls up and away from the rest of the formation in the "missing man" formation. So in a way he was watching the missing asend into heaven, at least in his mind's eye.
The only time I've seen that formation live was after the gulf war. An Army Guard Medivac unit lost one of it's crews and flew the formation over the state capital, which was the terminus of the parade route. So it was with Huey's and not high performance jets, but just as moving nonetheless.