The Blue Angels ("F/A 18 Hornets") provide the main attraction and maneuver with eye-popping precision at ear-popping speeds, in addition to a variety of older aircraft, stunt planes, lumbering transport plane ("Fat Albert"), etc.
You can't miss this one... even if you want to! The aircraft practice during the preceding week. For the best views, move to the tops of things (hills, buildings, etc) with a bias towards the north side of the city.
Achieve Fleet Week veteran status by spotting a vapor cone :)
Website: http://www.fleetweek.us/
Wikipedia: http://en.wikipedia.org/wiki/Fleet_Week