There's a Wikipedia article about the crash, with a bunch of news links: https://secure.wikimedia.org/wikipedia/en/wiki/2011_Reno_Air...
Another angle, showing the plane climbing high into the sky before turning over and diving: http://www.youtube.com/watch?v=ndd9PVDM3jU
Assorted photos of the crash and aftermath (no gore, but beware): http://www.rgj.com/apps/pbcs.dll/gallery?Avis=J7&Dato=20...
For the 'Unlimited' class of race aircraft, this typically occurs once a day during the races. These aircraft are running 3000hp engines, and race at speeds around 500mph.
Link #3 has the best angle on this maneuver. It looks like the pilot lost control shortly after pulling the plane vertical, after which it rolled 180 degrees and pitched straight to the ground.
Another possibility is that the elevator control itself was lost and the pilot is desperately attempting to regain control using the trim tab to control airplane pitch.