Apart from the excellent multiplayer teams mentioned there, I haven't heard of an AI package that does specifically what you ask.
However, for the solo simmer there is a nice little Add-on for FSX called "Recorder" which has a feature that lets you record a flight with one aircraft and then play the recording back while you fly along with it. I think you can repeat the process several times to build up a whole display team.
It's not AI as such because you have to personally fly each of the planes once to record it, but I think several of the guys here on the board have done this in the past.