I have reviewed the two previous Wargame titles and I guess I'll do the same thing here...its only fair. Red Dragon is the third in the series and while it has its flaws, its a welcome addition. Red Dragon is set in Asia (as opposed to Europe) and as such adds several new factions (China, Japan, North & South Korea as well as the ANZACs) and adds new units to the previous factions, such as the Challenger 2 MBT for Britain and Leclerc tank for France. Gameplay is much the same, though the campaign has been improved over Air Land Battle. For example, campaign battles are now 20 rather than 10 minutes in length and the narrator has returned.
Online multiplayer is what most people focus on though and "this is where the fun is at".
The games big selling point, naval combat, is a bit like marmite...you like it or hate it. It is restricted though in terms of unit and maps.
The Chinese are under powered while the French, USA and the USSR are power houses (don't choose to fight with units from Japan and expect to win a skirmish battle against the Soviets), however constant balancing updates change this on a regular basis so this may have changed by the time you read this : ).
Well worth a look, but if you own the other two you may want to wait for a while until its on sale.