With the change to the Hog Rider, I can't see how Level 3 dragons can be favorably compared to level 5 hog riders.
For 20 unit spaces, you can get:
1 dragon with 180 dps and 2300 hp.
or
4 hog riders with combined 360 dps and 2100 hp.
So, the dragon does half the damage for almost the same number of hp.
But... dragons don't need to worry about cannons and mortars, you might argue.
Well, especially at the higher trophy levels, air defenses do a LOT more damage than cannons. Hog riders are immune to high level ADs that deal out 200+ dps each.
Dragons are better against high level splash from wizard towers... but, hog riders do pretty well against these as well. They are basically giants that hit harder and can jump over walls. Forget about mortars against high HP troops.
You can put a healer on a pack of hog riders, not a pack of dragons.
Hog riders attack faster (1.0 sec vs 1.5) and move way faster (24 vs 16).
Hog riders can't get hit by air mines, which do significant damage to dragons. Not sure how many giant bombs there are around.
Only advantage I can see for dragons is that a lot of people aim their xbows to ground only, in which case dragons are immune. This is a decent advantage.
I plan on exchanging my dragons for hog riders in a primarily air-based attack of minions and balloons... I think the main complaint bout hog riders is that they leave others behind and get killed... but if they are supported by balloons and minions... maybe used with a healer, I suspect they will be quite a force.
Disclaimer: I never use hog riders... but plan on spending the next 6 weeks or so (eek!) or so using my lab to get them maxed so I can pity-da-fool who mess with Mr. T.
Tell me why I shouldn't before I waste an immense amount of time and DE on this upgrade.

