Pointed Discussion

Not great at first glance but lets look at it in comparison to other creatures.
3/3 for with flying i'm willing to say 3/3flying is worth and protection from black isn't bad at the price of

... Until you factor in the infamous baneslayer.

Look at the other mono-white 5 costed angels

Angel of Light
Angel of Mercy
Avenging Angel
...Baneslayer Angel
Battlegrace Angel
Blinding Angel
Karmic Guide
Radiant, Archangel
My favorite, Serra Angel
Shepherd of the Lost
Starlit Angel

This card isn't that great, especially since it came out after Serra Angel, and at the same mana cost too.

Edit:
@TDL
Um, this came out AFTER Serra Angel though. At the same mana cost and rarity. So it still sucked.

"Spirit Angel"

Do NOT compare this card to that piece of utter powercreep bull**** Baneslayer Angel. This is a card from a time before the "Mythic Rare " crap like we have today.
Edit: @ Eved
Um, did I mention Serra Angel? No. No I did not. And if you want to talk about Serra Angel, I'd just like to point out how Melesse Spirit doesn't die to Terror.
@ scumbling:
Odd that you'd accuse me of not owning one. There's no way for me to prove I do in fact own a single copy, so I guess you've succeeded in your ad hominem? Way to go.

Let's do some consideration...

A bad 5 mana angel -> Starlit Angel.
A good 5 mana angel -> Melesse Spirit, Angel of Light.
A very good 5 mana angel -> Serra Angel, Shepherd of the Lost, Angel of Flight Alabaster.
A too good 5 mana angel -> Baneslayer Angel, Angelic Overseer.

It's a pretty good card for its time. Way back when Mirage came out, there weren't too many large white creatures. It's not really recommended for the present day as there are many better angels for the cost, though.

This guy, Gabriel Angelfire (Legends, before they really had solid thematic constraints), and Malach of the Dawn (from planar chaos) are the only male angels in magic!