would just fall and retain this exact shape... I put together a little force using the field force DOP and a little sopnet to get a basic simulation of wind resistance as it falls.
The force is applied along the normal, opposing the velocity. It is also scaled by velocity.
Here is an example:
Blue is the point normal, green is the velocity and red is the force to be applied.
This is far from correct but it works alright in practice.
This cloth is 2m x 1m and low density (less than a kg total I think)
hipnc file is here!