Winged Boots protect the player from all floor-based hazards, including floor traps, water, tar, hot coals, ice, and ooze.
Winged Boots are the strongest piece of footwear in the game with respect to safety. With Winged Boots equipped, the player is free to generally ignore everything in the floor and focus exclusively on enemy management. The visual levitation effect on the player sprite also makes it very hard to forget that Winged Boots are active.
All of this makes Winged Boots a very strong option for almost any play-style or goal, although the fact that they are not found in the normal item pools makes them somewhat difficult to find. The only notable downside comes in speedruns, as protection against floor hazards will prevent the player from utilizing trapdoors. In several instances, however, the time saved with respect to managing other floor hazards is worth the trade-off.