Demon Wings

The Demon Wings are a new accessory which allows flight, much like Rocket and Spectre Boots. They can be compared with the Angel Wings. After having spent the flight time, continuing to hold the jump key causes slowfall.

This stacks with Rocket Boots and Spectre Boots. No animation is shown by the boots, but flight time is increased. With both Demon Wings/Angel Wings and Rocket Boots/Spectre Boots, the player can achieve a flight time of roughly 5 seconds. Also, while in flight, the movement speed bonus of Hermes and Spectre Boots is in effect as if you were on the ground. They also stack with Shiny Red Balloon and Cloud in a Balloon for increased base flight time, similar to how the balloon affects jump height. Combine Angel or Demon Wings, Spectre Boots, and Cloud in a balloon for an amazing effect.

Demon Wings also seem to normally act as the Lucky or Obsidian Horseshoe in that fall damage is negated.

Effective strategies
An Ice Rod can be used to lay blocks of ice to land in mid air, allowing you to stay in the air almost indefinitely, as long as you have enough mana.