Originally Posted by crazycaleb
Well, just saw two towers, and it does show the falling :)
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It seems to me though that if the balrog could have used his wings to fly back up, then he simply fell because he really didn't mind falling. It wasnt the fall that defeated the balrog if I remember correctly. Falling into water put out it's fire or whatever, but didn't kill it. Gandalf fought it for some time after that (once again, it has been a while, but I'm pretty sure I'm right). Most likely, the balrog figured that he could just fall and pull Gandalf down with him, and that the fall would do more harm to Gandalf than it would to himself.