Evidently a controversial subject. Here's what BNA-online has to say:
". . .When walking or running on the ground, frequently raises wings (“wing flashes”) half to fully open in a stereotyped manner, in several progressively higher jerky movements, exposing conspicuous white wing patch (Gander 1931a, Sutton 1946, Selander and Hunter 1960, Hailman 1960a, Sprunt 1964; Fig. 3). Function of this behavior is unknown; speculations include startling insects or potential predators (especially nest predators) and as a component of territorial display (Selander and Hunter 1960, Mueller and Mueller 1971).
Adults, especially females, perform wing flashes upon returning to the nest after a longer than normal absence (KCD). Typically, the adult lands on the outer portions of the tree, faces the nest and wing-flashes before moving on to the nest to incubate eggs, or brood or feed nestlings. Juveniles, including newly fledged young, flash wings even before they can forage for themselves (Sutton 1967). Similar wing movements observed in Chalk-browed (Mimus saturninus; Halle 1948) and Tropical (M. gilvus; Haverschmidt 1953) mockingbirds, both of which lack white wing patches. Halle (1948) therefore discounted the startling function while Whitaker (1957) thought that the jerky movement of a dark wing against a light gray body would suffice to startle insects.
Hayslette (2003) empirically examined wing-flashing behavior in 82 recorded foraging bouts in Alabama. There was a negative relationship between attack rate and rate of wing-flashing. Rate of wing-flashing was greater at midday than in morning and evening. Dhondt and Kemink (2008) assert that wing-flashing is an anti-predator behavior most pronounced during the nestling and fledgling stages of the breeding cycle. ...."
So, take your pick. . ..