In many ways, I enjoyed this film more than the more expensive HELL'S ANGELS (which Howard Hughes RE-SHOT after its initial completion in order to make it a sound picture)--even though it was a silent film. That's because for a silent movie, it's nearly as good as you're going to find, whereas the primitive sound of Hell's Angels and less engaging plot left me feeling a bit flat--though its flying sequence were clearly better and more spectacular than those in WINGS.
Clara Bow is excellent as the sweet lead of the film whose two friends go off to war. This is a far better showcase of her talents than the equally famous movie "IT" (which did NOT age as well).
Richard Arlen and Buddy Rogers also did fine jobs in the movie, though special recognition must also be given to the cinematography--the movie is just beautiful in spots and the aerial sequences are amazing for 1927! The only down side? Occasionally, there are melodramatic lapses in the pacing--such as the drinking scene where they talk about BUBBLES incessantly. This seems to be due mostly to the style of the day, and for what it was, it was a brilliant picture. I can easily see why it got the first Best Picture award.