MtnGoat, great question.
I was in Afghanistan and surrounding areas in '02-'03 as 1/20th's BN FS and DMO (tenure 1994-2004). This was an issue and came up a couple of times after the respected medical journal "Men's Health"

published an article about just this - the use of Viagra in high altitude operations. A couple of my 18Ds and a team leader got a hold of it and demanded that it be provided for their use
after they had been at altitude for a month - and had acclimated. At the time, there were no good (reputable) double-blinded randomized clinical studies from which to obtain information. Despite a few hostile and insulting emails from the WO2 team leader, I chose not to authorize the Viagra.
Aside from the fact that it wasn't on formulary and I couldn't obtain it readily, my clinical concerns were - priapism, loss of night and color vision, increased incidence of vascular/migraine headaches due to the combined effects of a lower FIO2/PAO2 and vasodiliatory effects of a PDE5 inhibitor, and the potential resulting decrease in operational ability that outweighed any benefit that Viagra would have otherwise provided - especially after they had been at altitude for so long. I might have considered it had they been close to sea level and were launching a mission at altitude in a short period of time without the ability to acclimate. (By acclimate, I don't mean fully compensate for O2 carrying capacity and VO2 max, but acclimating from the acute effects of altitude such as AMS/HAPE/HACE).
My understanding is that there have since been studies done or in process to look at this, but I have not recently looked for or at them. I'll do some research and get back to you.
This is something that has come up at SOMA from time to time.
My belief is that it is of great benefit. However, we should not discount the beneficial effects of training at altitude, acclimatization, acetazolamide, O2, diuretics, calcium channel blockers, and steroids.