At creation you can take the drake quality in full or in part.
If you take partial you can't transform until it is fully paid(at standard cost or double remaining?). I assume you get the free wanted quality though. You could take the draconic tradition. Do you get to add the magic attribute to your starting attribute if you used the priority based creation system?
You could also take the latent drake quality.
You don't get the drake quality until it's paid off at double karma cost, so no wanted.
Am I close?
In 5e, I'm not sure, but either way, being a drake comes with the "Dragons Consider You Their Property" Flaw, which kind of kills the concept for me.
EDIT:
Ok, consulting SR5 Howling Shadows, pp. 163 - 164, being a full drake right off the bat is 75 KP, but Latent Dracomorphosis is just 5 KP. The costs for the latter are as follows:
"The quality does not come free, of course. The character must immediately pay for benefits of their dracomorphosis with Karma—double the cost for buying the quality after character creation (p. 106, SR5), less the cost of the Latent Dracomorphosis quality—(75 - 5) x 2 = 140 Karma, to be exact. If the character does not have Karma available at the time (and few will have a pile of unspent Karma of that size just sitting around), the GM collects it as they deem fit from any Karma awards the character earns until the debt is paid off. Until it is all paid off, some rewards should be phased in—such as one bonus attribute point for every 10 Karma paid, or one dracoform power for each 5 Karma paid."
Even if you take the Drake quality at start for 75 karma, you're still not a full powered drake. You can't fly (irrelevant if you chose sea drake) and you can only hold your https://nerdsonearth.com/wp-content/uploads/2016/05/Dragonborn_Fighter_03_render-1500x1090.jpg form for Magic × 2 rounds. For an extra 50 karma you no longer have that time limit; if you're not a sea drake, for another 14 you can truly fly.
Main difference between the two initial Drake qualities is, "Do you want to spend 70 karma now, or 140 karma later?" Interest is a bitch.
Everything has a cost.
Are at least this time the powers marginally worth it (i.e. can the hardened armor actually stop a weapon in the 5E version, etc.)?
Yes, but you need more than the drake gets. Personal flight is cool but all in all there is nothing a good mage couldn't replicate cheaper and with less problems.
Well, it does have a mechanical effect two extra dice and one auto hit. If you are a western drake you can get another two. After that it is 16 Karma per point up to magic rating.
With a lot of time and even more Karma a Drake mage could gain impressive armor.
Of course by that time a normal mage will just have bought a heavy milspec armor added physical mask for everyday wear.
In SR4 a summoner of a possession tradition could do way better by channelling a spirit, gaining ITNW and effectively twice said spirit's Force in hardened armor (yes, I know hardened armor by itself still works against magic).
Guess it was deemed too powerful for PCs to get ITWN that way in SR5, though bugs still get it regardless of their type.
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