Well, thanks to Caliban1227's almost encyclopedic knowledge of comic book styles (though I still agree, the comic book font looks like an IKEA sale sign...go figure), I was able to google 'Wonder Woman flying elephant' and be rewarded with an answer.

See, Zeus has put Achilles in charge of Paradise Island, and now there's a mysterious rash of pregnancies on the island. No one can figure out where the babies are coming from (my guess is the secret ingredient is peen, but hey, what do I know, I don't read comic books anymore). Apparently the ultra cool flying elephant is Achilles' pet/chariot all wrapped up into one.

On the upside, everyone knows how to get rid of Achilles! Me, I'd kick him in the heel REALLY hard and then keep the semi-bi-carmel elephant for a pet. He looks cute and cuddly.

That's just me, though.