The diving itself is simple -- click to jump out of the airplane, hear the same silly "yeeeehaw" soundbite whether you're the male or female diver, then use a right-mouse-click to go from a spread-eagle position to a tuck, move the mouse left and right to perform various tricks, and finally click the spacebar to pull the ripcord.
Right clicking requires a lifting of the left click finger, just like the Mighty Mouse, though all-in-all it feels much less frustrating to use than the Mighty Mouse, which almost seems to rage against the click at times.