well i have a fair bit of experience with teh dragon, i took him to a 800pt tourny (my army was: dragon w/ fly and tough hide, durburz, shaman, 70something goblins
) and smashed everyone with it (although no one was terrible compedative, and 1 game i ran out of time....). and ive just messed around with him in 500pt and 700pt armies.
- here are some things ive learned: breath fire and wyrmtoungue are terrible, tough hide is only needed for big games (700pts and up), fly is a must have for him, otherwise you just wasted ur dragon (if your going to spend at least 300pts on a hero, make sure he can get around to the places/fights he needs to be)
- his courage is fine, since you wont use fire or magic w/ him you will have will AND might to boost your courage (so you can still use will to resist spells)
- heroic fight combined with fly is the dragons ace card, ive slaughtered people by slingshotting into their heroes, to the point that eventually people ALWAYS had 3 warriors around their heroes (but volley stopped that ;D)
- the dragon is a beast, but if a magic user can cast spells at him uncontested for several turns in a row can ruin the game for you...
- dont let the dragon get charged by more than 5 people, otherwise he will probably lose the fight
- its hard to get a good army with the dragon, since he cost so many points, then your probably going to have a small army (and then all teh enemy needs to do is just ignore the dragon and kill the army)
(wont say much more on that as its 1:30am and im really tired
)
I dont like balrog armies, cause the balrog is so expensive, but so terrible. you just need to feed him a unit a turn, and he has no might to contest that.... then theres teh fact that he is sooooo slow for his points that you wont be able to get him into a spot that would make your 400pts worth it....
(the dragon is all round better, you dont really need teh fight 10, 7 does you fine, str 7 also does your fine, D7 is fine unless its above 700pts.. then you should strongly consider tough hide, dragon has same attacks but gets knock down (so twice as many), wounds isnt better... but i havnt had a problem with the dragons, courage is the only real problem for the dragon... but then you still have 3 might and 3 will....)
so: dragon is about 5x better than the balrog