Been trawling the internet for hours, can't find any trace or reference of this movie. Not really sure what station I saw it on (only once), but it was probably Sci-Fi Channel (mind you, a very long time ago:
Movie opens with flying ships (sailing galleons), that proceed to siege a towering city. The city fires back with its own cannons, and drives the invaders away. The main protagonist is a young boy who longs to be a knight... or this movie's equivalent thereof. He has an older brother who is already recognized as a warrior. The boy lives in the city that successfully repelled this siege.
The king of this city has some sort of wizard or wise-man as a councilor, who conceives an "ultimate weapon" against their enemies- an hourglass of sorts that accelerates time against a target. However, during the course of the movie this weapon is stolen by the city's enemies (led by an evil queen or sorceress), who proceeds to use it against the city itself and all its inhabitants.
So the king sends out his armies to retrieve the artifact, all the while everyone and everything begins aging rapidly. Our boy-hero watches his older brother (now much older) set out with other knights on the quest, and there's a token romance between the boy and the king's daughter. The knights do not return, however, and the time-curse continues to wreak havoc on the city.
Ultimately, the boy (now a man) sets out to find his brother, the hourglass, and save the day. He finds his brother at a wreckage-site (I believe of a flying galleon), and they share a brief moment before the elder brother finally succumbs to old age. I'm sure I'm forgetting some other poignant details, but that's essentially the crux of it. Ends... if I remember correctly, with the artifact being disabled and the evil queen/sorceress defeated.
Question is: what is this movie titled?