Ummm.... No.

I LOVE the intro and various other flavor text parts, but overall no.

First off, you're not playing a Dragon... you're playing a quasi-dragon, secondly you end up finishing normal progression as about an adult dragon, without many of the (real) dragons' basic abilities... so you end up being significantly less powerful than you would be if you just played a Savage Species version of a class/level system.

Further, if you want to GET various abilities, you have to pay for them with your every 4th level feats. So then you end up being ALMOST as powerful as you should be, but then you've turned into a cookie-cutter version, and you're STILL only ALMOST as powerful.

Bear in mind, I'm not talking about min-maxing here, I'm actually talking about class balance... in the end you really aren't going to be much of a match for equal-play PC's, or if you are, you end up being utterly "vanilla" to do so...