So, can dragons initiate? If so, what benefits will they get? Just metamagic or increased maximum Magic, as well? I normally cap characters at 12 Magic regardless of initiation, which is about double. So, if dragons can increase their maximum Magic, I'll have to make a larger maximum for them. And no, there are no dragon PCs, but I'm making a dragon NPC, so I could use some input. So, can they initiate, and do they get all the benefits of initation? If so, it's not hard to imagine a dragon with a Magic of 15, 20, or even higher.

Hell yes. Most already have. Fear them. Really.