This is IW logic: flying is worth 2 life. 1 damage is worth 3 life. Flying is worth less than 1 damage.
This is a misconception. I thought I ought to point this out.
Upon experimentation with creation my own cards in tandem with IW's balance, I've noticed that the value
of any variable other than hard stats, like Flying, Infect, Subtypes and so on, are factors
of the character's stats.
In order to understand this, let's take these variables to their logical extremes. For instance, compare a 2/2 character with Flying or Infect, and a 100/100 character with Flying or Infect. Obviously, the 2/2 character cannot kill much, and is easily dropped by so many abilities that Flying doesn't even matter. The character with 100/100 would utilise these variables better, and thus these variables are worth more in its hands.