Demon Wings

The Demon Wings are an Accessory which allows flight, much like Rocket Boots and Spectre Boots. After having spent the flight time, continuing to hold the jump key causes slowfall. Holding the down key will increase the speed at which you fall while gliding.

This stacks with Rocket Boots and Spectre Boots. No animation is shown by the boots, but flight time is increased. With both Demon/Angel Wings and Rocket/Spectre Boots, the player can achieve a flight time of roughly 5 seconds. Also, while in flight, the movement speed bonus of Hermes Boots 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 act like the Lucky Horseshoe and Obsidian Horseshoe in that fall damage is negated.

Apart from their physical appearances, the Angel Wings and Demon Wings are tantamount.

Effective strategies
An Ice Rod can be used to lay blocks of ice to land in mid air, which will allow you to stay in the air almost infinitely provided you have enough mana.