Former World War I pilot Waldo Pepper barnstorms across rural America, giving 5 minute rides to skeptical townsfolk. Clearly the people behind this project love aviation and capture the feel of the post-World-War-I era when "the sky's the limit" was literally true.
The downside of early aviation is shown via the ups and downs of "Doc Dilhoefer's Flying Circus," where a novice wing walker freezes in place. The long arm of the FAA catches up to Waldo because "it's time that aviation got civilized." With limited opportunities after being grounded for life, Waldo finds salvation at the movies, where danger is ever-present in the rickety, worn-out planes and fatal stunts for the camera.
An old nemesis that Waldo missed meeting over France, Ernst Kessler (Ernst Udet?), arrives for the next project--the epic three vs. one dogfight. With the FAA closing in, Waldo's days in the air are numbered, though he's in better shape than the down-at-heels Kessler. Waldo and Kessler leave their parachutes behind as the cameras roll; this aerial ballet is going to be a battle! 7/10