I don't have Chris' degree of experience, but I do have time in a Pitts S-2 and a variety of other aerobatic aircraft. The "8" is done by intiating an inside loop, either from a dive or just on power alone (as in the Pitts), then establishing a 45 degree inverted dive after going over the top, holding it for a few moments, then a half-roll to upright, continuing the dive, then pulling up into the second inside loop, completed with another inverted 45 degree dive and finishing with a half-roll to upright. The maneuver is indeed "lazy" in the sense of no tangent circles as in model (CL) practice. Outside loops are doable in something like the Pitts but they hurt the pilot. They are no harder on the airframe than inside maneuvers in a plane purpose-built for full-house akro.