Straight from the G3 books:

Here's contextually male (there was a spelling/continuity mistake in the original book) Star Catcher folding her wings as she talks to Twinkle Twirl:

So it looks like I was wrong when I said that the G3 ponies can't fold their wings at all, but it DOES look like they can't fold them to their sides for comfortable sleep al-la G1 or G4.

EDIT:
And here's a couple of examples from G1, and G4:

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So, apparently, another piece of erata with my story:

When the magic wand operates on an object, no magic aura is given by either the wand, or the object (but it can sparkle):

The wand, however, does occasionally glow it's own pink glow when casting magic: