Live action movies with the word "dragon" in the title have a long history of being disappointing budget films. This is not one of the rare exceptions but for what it is, it's entertaining.
The scenery and sets are very well done. The dialogue is natural and the actors pull it off well. The costumes are pretty good too with a few minor issues. For example - when Kate is helping Will put on the livery it looks and sounds like she's using a snap rather than a button.
The plot is obvious and predictable but that is to be expected in a B-flick. Also expect the dragon to look unfinished. The shape and color of it look great but the texture is too cartoonish, the shadows are wrong, etc. and the actors' eye lines are a bit off in spots.
All in all it's definitely worth watching one time but I won't be putting it in my collection.