This model is also from Satoshi Kamiya's book (1995-2003). I love the design of the wings. My paper is a little bit too small therefore I can not make enough pleats on the wings as it's shown in the book otherwise it will look very beautiful. I enjoy the folding process, but my favorite step is the last step that when you try to open the wings. It makes me feel like the pegasus is alive. It's kinda like when you fold an origami crane and the last step is to pull the wings the opposite direction.
There is another pegasus model
designed by Anibal Voyer which I fold couple years ago. The steps are easiier but the model is also simple and pretty.