You can do some tricks with static cameras by dragging the view position back and forward, but you're stuck with a single camera locked onto your aircraft to view in flight.
To get a free camera filming an aicraft in flight, one way is to fly a 'plane cam' around your subject aircraft and use the wonder woman view as if you are filming the action (makes for a very realistic effect).
If you want to follow a bomb, it becomes real difficult. Like MP says, it's probably easier doing some Blue Screen and CGI work.
One possible way is to use a mouse emulator to zoom out away from an aircraft as the bombs are dropping. Or you could set a stationary camera up where the bombs will hit (you hope) and use the mouse zoom again to follow the bomb in.
This shot toook me AGES to get right:
(go to 5:05 on the timeline)