Mike:
It says 'like vast wings,' and then alter it says 'its wings.' To me wings are not things that are like wings; they are wings. Given the assumption of
Tolkien's precison with words, if
balrogs did not have wings then the sentence would read "and its shadows spread from wall to wall." Anyway, that's my thinking.
Thorie:
As I understand it, the
Istari were under a constraint to limit the form of their appearance; they were not permitted to overawe the inhabitants of
Middle-earth.
Saruman does mention the 'staffs of the five
wizards,' and we can: a) assume that he knew what he was talking about, and b) presume that he was speaking literally and not figuratively. Perhaps the Istari decided upon staffs as a unifying
symbol of their purpose, but if it were discovered that the two Blue Istari had wands and not staffs, that would be cool with me. As for balrogs, my supposition is that when they subjoined their beings to
Morgoth to become the
Valaraukar they also lost some of their powers of incarnation (similar to
Sauron after the fall of
Numenor). As such, they would be constrained to the typical form of balrogs, albeit with variations within the form (I doubt that they were all identical). That being said, I'm firmly in the wings camp, and also believe (but not as strongly) that balrogs were capable of flight.
Iluvatar