Equipping Wings:
Your first set of wings are always on your character by default, they're not a removable item. However ALL other wings in the game have to be equipped in order to work. When you get your first level 30 wings you will drag and drop them into the middle slot on your character profile screen, the same way as you would a piece of gear. When you do this you override your default wings, but you don't ever get rid of them. As you get more wing sets you can always swap one set out for another. They're completely interchangeable, and if you wanted to go back to your original pair just unequip all wings. Since the level 40 wings have more flight time and the level 50 wings have HP on them, but less flight time(see the stats section below) it might be good to swap those out depending on whether you are PVEing or PVPing.
Wing stats: Note: I have not confirmed this information.
Please note these stats come with the wings and are the same for both Elyos and Asmodian.
Level 10 - One minute of flight(60 seconds).
Level 30 - +30 Seconds of flight time(90 seconds total).
Level 30CE - +40 Seconds of flight time(100 seconds total).
Level 40 - +60 Seconds of flight time(120 seconds total).
Level 50 - +35Seconds +120HP(95 seconds total). - This tickles me as a PVP thing honestly, since flight time is much less limited in the Abyss due to the aether rings and HP is key for mitigation.
Other things modify your flight time and speed such a high level gear, potions, manastones, scrolls, titles, Abyss buffs, etc. Examples:
Archon Tribunus's Breastplate - Flight Speed
Shining Wise Dragon King's Breastplate - Flight Time
Manastone: Maximum Flight Time +5 - Time
Craft: Greater Raging Wind Scroll - Speed
Titles that adjust your flying! Courtesy of Aionsource member: Moonlight Shadow
Elyos:
Krall Hunter
You defeated many Krall.
Physical Critical Hit +2 / Flight Time +1
Aerialist
You passed the high-level flight skill test
Flight Speed +1% / Flight Time +2
Lonely Bounty Hunter
You arrested the wanted Kelaino.
Magic Boosting Power +8 / Flight Speed +2% / Flight Time +2
Defeater of the Indratu Legion
You defeated Brigade General Indratu.
Physical Critical Hit +4 / Magic Boosting Power +11 / Flight Time +2
Handicrafting Expert
You reached the highest level in Handicrafting.
Flight Time +2
Sewing Expert
You reached the highest level in Sewing.
Maximum HP +52 / Flight Time +3 / Flight Speed +3% / Speed +6%
Krall Slaughterer
You annihilated Krall in Eltnen.
Maximum HP +44 / Maximum MP +44 / Flight Time +2
Gatekeeper Hunter
You defeated the gatekeeper of the Ereshuranta Upper Layer Fortress.
Flight Speed +3%
Gullible
You exchanged a valuable for a lemon.
Flight Speed +2% / Evasion +4 / Water Defense +4
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Asmodians:
Kind
You helped Gerger to fulfill his lifetime dream.
Maximum MP +20 / Flight Time +1
Slayer of Mabangtah
You threw Elysea into chaos by defeating Mabangtah, a pro-Elyos Krall.
Physical Critical Hit +4 / Magical Critical Hit +4 / Flight Time +2
Tough
You defeated a novice Elyos warrior in the Abyss.
Flight Time +2
Heroic
You defeated Elyos in the Abyss and enhanced the reputation of the Asmodians.
Maximum HP +52 / Flight Time +3 / Flight Speed +3% / Speed +6%
Sewing Expert
You reached the highest level in Sewing.
Magic Boosting Power +8 / Flight Speed +2% / Flight Time +2
Gatekeeper Stabber
You defeated the gatekeeper of the Ereshuranta Upper Layer Fortress.
Flight Speed +3%
True Friend of Silver Mane
I defeated the enemy of the Silver Mane Tribe.
Maximum HP +44 / Maximum MP +44 / Flight Time +2
Born Merchant
You exchanged a lemon for a valuable.
Flight Speed +2% / Evasion +4 / Water Defense +4
Title stats are subject to change of course in future patches.