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Flying
Wizards you control get +2/+1 and have flying.
Whenever you cast an instant or sorcery spell, create a 1/1 blue Human Wizard creature token.
All Wizards you control get +2/+1 and have flying, not just those created by Docent of Perfection or Final Iteration.
Docent of Perfection’s triggered ability resolves before the spell that caused it to trigger.
Final Iteration’s triggered ability resolves before the spell that caused it to trigger.
For more information on double-faced cards, see the Shadows over Innistrad mechanics article (http://magic.wizards.com/en/articles/archive/feature/shadows-over-innistrad-mechanics).
If you control three or more Wizards while you control Docent of Perfection, it won’t transform yet. It only transforms while its triggered ability is resolving after you cast an instant or sorcery spell.
When Docent of Perfection transforms into Final Iteration, the instant or sorcery spell that’s on the stack doesn’t cause Final Iteration’s triggered ability to trigger.
