So many movies have been re-made lately, it's hard to keep track. King Kong, Flight of the Phoenix and now the Posidon Adventure, Some are good, some suck. I recently saw the original Howard Hughes production of Wings ( the first movie to win an academy award) Holy Shi#, the air combat in that movie was spectacular, if you havent seen it i suggest you find a copy.
It certainly suffers at times for being a silent film; dialogues have to be displayed on the screen, and this happens quite often because the story here is sometimes quite complex. Not only do the characters talk a lot, but the story also often requires some explaining, and some of the explanations can be quite long.
The action sequences are not as "big" as in they would be in movies today, but they are a lot more impressive in their own way. I was just amazed at how they could have shot some of those sequences; I got the impression that the person who was shooting was probably in quite a lot of danger, because I knew that they could not have used special effects in 1927; what I was seeing was the real thing. It was quite exhilirating to see those old, unsafe, WW1 planes in the air. I do not think that any director today would be crazy enough to duplicate something like this with real planes, so this is probably the only chance anyone has to see these planes in action, and feel like you're right in the thick of a dogfight.