Official text extracted from Panzer Dragoon Saga.
The dragon has taken the form of one of the ancient dragons that destroyed the Imperial Capital long ago.
This form offers an improved armor class at the cost of speed. If all three gauges are full, it can cast a spell that enhances its armor.
This form has powerful lasers, but has reduced magic capabilities. If all of its gauges are full, it will automatically counterattack.
This type of dragon is exceptionally fast. In order to streamline itself, it must reduce its armor class. If all three gauges are full, it can cast a spell that increases its overall speed.
This type of dragon has increased magical capabilities, at the cost of its laser power. If all three gauges are full, it can cast a spell that replenishes a fraction of its Berserk Points.