Here are the settings I used on the D60 and why...
Aperture Priority mode with aperture set at f/11 - I used a tight aperture to give me a wide depth of field so that in the multiple plane shots, if one plane was farther away, it would still be in focus...along with the background clouds, smoke trails, etc.
ISO 100 - It was very very bright sunlight on the runway, so the reduced sensitivity of the ISO 100, allowed me not to have to tighten up my f/stop, and also made using a ND filter unnecessary. Also, less noise/grain in the photo.
Active D-lighting ON - I wanted to capture as much as possible in not only the shadowing from the clouds, but also the underneath of the wings of the plane, and any shadows.
Normal color selection - This wasnt really necessary, as you could use any of the other settings like Vivid, Vivid+, etc. Normal is....well.....just normal color range.
Continuous shutter mode - Planes move fast, so I used continuous shutter mode to fire off a string of shots at show center. If you do this make sure you have a fast SDHC card so you dont overrun the buffer.
Continuous AF mode - If you are standing on the flightline, your subject is closing/leaving you at hundreds of miles an hour. Allowing the camera to continously focus on the subject will help quite a bit.
AF-area set to Dynamic - I wanted the camera to not only grab focus on the focus points, but also to try to grab focus on whatever subject was in the viewfinder. Dynamic mode focuses using the focus points, but if the subject leaves the focus point, it does a much MUCH better job of retaining or managing the focus than the "closest" subject mode does.
Metering set to Center-weighted - These planes move so fast, its pretty much stick em center frame, and shoot. With center weighted, it helps to have it meter off the subject plane, and not the clouds/sky in the background. I didnt try matrix, but I still feel as though the center weighted is a much better option.
WB set to sunlight - I changed mid-day. In the early part of the day I was running in Program mode on WB taking a measurement from a grey card due to a lot of overcast, later I switched to sunlight mode when the clouds started clearing up and the sunshine came through.