Typical "praying for good luck in battle" slogan down the right side (when oriented horizontally). Recipient's name Aihata Ken'ichi (相畑憲一) next to that. Most of the rest of the writings are the signatures of the well-wishers. I don't like the fact that I can't read the largest name on it (bottom left when horizontal). Actually not sure if it is a name or a slogan, because the second kanji is unusual to find in names (and it looks like its written wrong). But that may be a Majestic problem, and not necessarily the flag's problem.
It looks OK-ish to me despite that bothersome name. Not as desirable as something with a bit more information on it, but there is nothing obviously fake about it.