That'll be missing textures for the effects. Mine works fine.
For the wings it has fx_strobe, which is a stock effect and also custom nav lights, cs707_navred/gre. which one shows as the white square? That''l help you figure out which effect texture is missing. If it's stock, you can drag it off one of the install discs, if it's custom, run the CS707 installer again and that should fix it.
Jamie