@Lumina While they've not shown it to the public - I recommend my preview(!) - I actually think the level of depth on the dragon customization is a massively fascinating mechanic. As you level up and grow you can customize each individual body part - things like front legs, back legs, different areas of the body, different segments of the tail, the wings, the head, if it has horns or not, what shape they are... everything combines to allow for potentially thousands of possible combinations. You can also add even further cosmetic changes on top of that by changing the dragon's skin etc.
The idea is that no two dragons will be the same. I LOVE this idea. It grows with you, and you decide what it grows into; it becomes your constant companion. You can even equip armour atop of the different body parts - so there's things like you could equip a sharp, serrated armour to the tail for more slashing damage, but it'll be slower as a result, and so on.
Their idea, they explained to me, is that they want Drew - the hero - to be a relatively 'set' character. He will level up and grow, but he'll grow down a set path like a standard JRPG hero (like Noctis is likely to) as the story progresses. However, the Dragon is a completely blank slate, allowing for an Elder Scrolls level of customization - the dragon is a blank slate in terms of his skill set, look, what sort of RPG 'class' role he can fill - and you fill that in yourself and hopefully in the process become attached to him without shifting to a silent or diluted protagonist - you still have a strong one in Drew.