As a staff member on a few occasions I did notice that small kids (under 10) were having a great day for the first 2-3 hours.
After that it became all a bit too much as the crowd grew and grew and grew and the noise levels rose (Planes and music and narration), and they got hungry and there is no shelter from sun or rain.
The 'static' displays cover a very large area and you have to walk over long distances, so be ready for that.
Unless you can push to the front of the barriers they won't see much of the 'active' displays (bombing run, etc) unless you find a good clear spot way back from the crowds.
My kids were aged about 4, 7, & 10 when they went and they had a great day, but we had umberellas for shade and took our own food and drink.
We also didn't push to the front as almost everyone else did. We stayed well back and had a crowd free area and could see reasonably well.
I'm sure they will enjoy it, as long as you prepare well. Take something for shade (or rain cover), food & drink, (even a ground blanket to sit on for those tired legs) and after walking around and seeing everything find a spot at the back away from the main crowd for watching the show.
I saw many little kids tired but still enjoying everything late in the afternoon.
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