If we're lucky they could pull of Game of Thrones. Can anyone think of a recent live-action movie with a dragon in it?
Almost certainly not. At least, it wouldn't look better and they'd have less flexibility.
Interesting. For some reason I assumed that using a puppet would require less money than extensive CGI work.
The Hobbit had a dragon. Looked pretty good too, at least I thought. It's about on par with GoT dragons for as little as they're on screen.
I think it's also worth noting that creating a realistic dragon isn't possible, both because dragons aren't real and the human eye isn't easily fooled. What's the per-episode budget Iron Fist has, do we know? I think GoT has something like $4 million per episode (can't source that, just a number I heard.)