Well, there are ways to use it:1) It adds spell slots - at epic levels, it's one of the very few ways to add spell slots - but that's not very useful until you are wondering what to do with your 21st level. Honestly, however, I'd much prefer that each of those +1's were a +1 to an arcane spell progression, as most magical prestige classes are.
2) It's NATURAL armor; which means it stacks with your +5 Full Plate and your +5 Tower Shield, and your +1 Luck bonus, and your Dodge bonuses, and many others. Moreover, many of the spells that add natural armor add an enchancement to natural armor, and so stack.
3) The extra +2 strength each at levels 2 and 4 mean that your Attack Bonus (though not your BAB) is up by +6 at 4th (for most melee weapons, anyway) as well as increasing damage, which is a benny compared to most classes with full BAB. However, those are the only str boosts, so it evens out with a full BAB class at 5th - for attack rolls - the damage increase stays.
4) The requirements are slight - you need Knoweledge(Arcana) 8, sure - but it's a class skill for virtually any spellcasting class, and a single level of Bard or Sorceror will cover the casting requirements. Draconic is just a language (1 skill point).
5) The blindsense (5th and 10th) is useful in many circumstances - mostly against invisible opponents, of course - but also handy in dark areas when you are trying to sneak, if you have a lot of stealth.
6) The natural weapons (2nd) mean you can never really be fully disarmed - you always have a way to deal leathal damage - and you can benefit from a Druid's Magic Fang spell.
7) Yeah, the breath weapon is only 1/day - but it's still a fun surprise to pull on someone.
8) Wings (9th) give you a method of flight that is very, very difficult to interrupt.
For some builds, and some circumstances, it's very useful. It has it's place with a tank (AC, d12 HD, Str and Con boosts). With others, especially the spellcasting classes, it's rather useless until epic levels where it's a lot harder to gain more spell slots.
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