I understand that we're likely to get a better idea of how the Wonderbolts work this season with the continuation of Rainbow Dash's story arc. From all appearances, they seemed to be modeled after precision flight teams like the Navy's Blue Angels, complete with military standing. The only time we've seen them in "combat" action was against Spikezilla, and one can't say they really proved themselves there. However, we've seen both Spitfire and Soarin in uniforms instead of flight suits, so the military connection seems strong (and hammered home with the whole "Wonderbolts Academy" episode in general.)
Hopefully Soarin makes another appearance, as he and his love for pie made him memorable in Season One. It was fun to see him dancing with Dash at the Royal Wedding (friend of the groom, perhaps?), but otherwise he's been fairly scarce since season one.