I've played a demo of it. Even though the on-Dragon combat was pretty cool the off-Dragon combat was just plain annoying button-mashing and being lucky.
Replayed it many times for some in-air action and then restarted when I should have done on-foot combat...
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I think it's a great concept. Someone should make such a game. I, unforunately, bought I of the Dragon. It simply sucked.