You can definitely see why this movie did receive the first Oscar. There can be a stigma that silent movies are less interesting, but this book really holds up. The acting is great, as are the aerobatics. It wasn't until I watched this film that I realized how static the filmography in most silent movies is. Beyond the plane-mounted cameras which were invented for this film, which provide incredible footage on their own, this movie includes now-common dynamic shots including zooming, panning, and tracking shots. It's amazing how much more visually interesting the movie is just by the filmography.
When I watched this, I watched it at the local 1920s-built theater which still has its Wurlitzer organ from 1927 in place, and the screening was accompanied by a live organ performance, so this made it even more special. In any form, however, give this movie a try.