I tried to post this session report previously and it didn't take, so here's try number 2:
John really wanted to play dragon's gold and I had memories of it being quite good so out it came.
We had never played with just three before. Right off the bat John and Karl killed a weak dragon. Karl had never played before and John took mainly jewels while Karl was happy with some gold and silver.
Most of the mid game we spent killing dragons. The dragons were almost always sufficiently strong that all three players had a chance to get in on the prize disbursement.
As the market place was revealed, it became obvious that John had a majority in 3 Jewels, while Karl and I were fighting over a monopoly on the other two.
This is where the game became frustrating. All of the dragons were of sufficient strength that 3 cards were needed to kill them. This meant John got in on every kill and if anyone tried to threaten his monopoly on his three jewel colors he would tank the transaction.
3rd: Karl (He didn't have the hang of the game yet)
Based on this playing, I would not recommend this game for 3 players. Once one player gets the lead in 3 colors it's all over for the rest. With more than 3 players it is easier to form colusions against the leader's hardball Microsoft tactics.