The issues for the NTSB seem to be:
The extensive modifications made to airplanes that race in the unlimited class and the lack of documentation and inspection associated with those modifications.
The lack of training/experience with G-forces.
That this pilot, in this airplane, had never flown at this speed, on this course.
Recommendations:
http://www.ntsb.gov/doclib/recletters/2012/A-12-009-012.pdf
Require aircraft owners in the unlimited class to provide an engineering
evaluation that includes flight demonstrations and analysis within the
anticipated flight envelope for aircraft with any major modification, such as to
the structure or flight controls. (A-12-9)
Develop a system that tracks any discrepancies noted during pre-race technical
inspections and verifies that they have been resolved. (A-12-10)
Provide high g training to pilots, including techniques to mitigate the potential
effects of high g exposure, as part of preparations before the Reno National
Championship Air Races (NCAR) and during daily briefs at the NCAR.
(A-12-11)
Evaluate the feasibility of requiring pilots to wear g suits when racing at the
Reno National Championship Air Races; if the evaluation determines it is
feasible, implement a requirement. (A-12-12)
The NTSB also issued safety recommendations to the Federal Aviation Administration
and the Reno Air Racing Association.
Amendments:
http://www.ntsb.gov/doclib/recletters/2012/A-12-013-017.pdf
http://www.ntsb.gov/doclib/recletters/2012/A-12-009-012.pdf
Participants of the Safety Hearing:
http://www.ntsb.gov/news/2012/120105.html