I've encountered two dragons so far. One was ... challenging. The other was challenging in a different way, as my attempts to attract its attention didn't actually work, and it flew off. But in general, they're big, fast, nasty bastards that you need to be very careful with. The first one fried me several times before I ended up in a spot where I could shoot at it and its fireballs deflected off the scenery in front of me.
What I do like is the openness of the game. I'm not stuck in a class - well, only my particular game-play style is sticking me with heavy armour and a bloody great axe, but that's me. I could equally well be wandering around firing off spells. I've got a few quests I've been asked to do, but the givers seem rather resigned to me maybe not actually doing them.
And oh, I've got a house, a sidekick shieldmaiden, and a horse, the latter two of which will fight with me. (It's slightly embarrassing when the attacking wolf gets kicked to death before I've got my bow unlimbered.)
I'm majoring in archery, two-handed weapons, heavy armour, smithing and lockpicking, with a side-order of persuasion.
I also like the character building. The Jarl of Dragonsreach has a particular lazy yet penetrating gaze, and the way he focuses on you is more than a little disconcerting.