OK, I was with you right up until the winged horse. Sure there are quite a few out of the ordinary sequences leading up to and after "wh": magic rope, magic carpet, magic ball, magic apple (really - an apple?), I'm down with magic and super natural but then there's just flat out idiotic, 2 main issues:
1) So you are a horse with wings, what do you do all day? Hang around in a house waiting for someone to ride you? If they gave wings to any of the horses I know that would be the last you see of them, save for cleaning a giant horse dropping out of your hair / eyes from time to time.
2) Guy gets the magic box that allows him to magic up anything he wants (including army), now keep in mind that he has just jumped off a "wh" 5 seconds earlier and the old wise guy explains he can have whatever he wants, what does he do? He magics up a normal horse without wings and rides home - my jaw dropped. What a tool. You want to win someones love? Turn up on a mf'ing "wh".
Other than that this is in the top 2 or 3 silent films I have ever seen, visually spectacular and Fairbanks is totally engaging (even with that creepy grabbing motion he makes to suggest he is getting ready to steal, or grope.. and its not his fault they stuffed up the winged horse stuff). I'd watch this again.