It's true. Paramount Home Entertainment is releasing "Wings" on DVD and Blu-ray on January 24, 2012. Amazon and other DVD sites have it up for pre-ordering.

http://www.facebook.com/home.php#!/photo.php?fbid=261155170577054&set=a.261155163910388.85063.242120102480561&type=1&theater
(7th comment from the top)
"Wings (1927) Wings is coming to DVD and Blu-ray in January 2012!"
Any other sources that can confirm this?
I imagine since they have a Blu-ray plan in the works, some form of restoration must take place, even possibly for the DVD. Based on the other rumours of releases floating around over the years I dont want to get overexcited over it till it's true.

http://www.lostflix.com/clarabow.html - Can be bought here (scroll down it's the last one) - Though not sure of the quality. Should probably be alright

I just watched the 'Bo Ying' dvd version from Hong Kong (ebay), and honestly, it wasn't that bad. Chinese subtitles on the english intertitles (which you can still read). They may or may not be removable, I was too lazy to check since they didn't bug me. Image quality is really decent for a $4 disc, my only issue is with Gaylord Carter pipe organ score, which I actually find kind of cheesy and innaproriate to a lot of scenes, but apparently it's like the only known score to the film on home video.
The amazing Silent Era website has reviews of each DVD version:
http://www.silentera.com/video/wingsHV.html
One of the best films I've ever seen (and I pretty much only watch silent films at this point in my life). Totally worth buying, especially since Paramount doesn't seem remotely interested in getting off their asses and producing their own DVD version. Support some guy with a dvd burner in Hong Kong!

I am pretty sure someone will post any new information on IMDB if they have it heh. Silents are hard to find sometimes, but its been made easier. You just have to know where to look