#2
On-Board distortion is good enough for me man, sorry. Only thing I'm looking for is a TubeScreamer to push my tone over the edge.
Amps
Mesa Dual Recto 3 Ch
Peavey 6505 Combo

Cab
ENGL E212VH Cab

Guitars
Epi Explorer
Schecter Damien 6
Squier Strat (signed by Rob Zombie!)

Pedals
ISP Decimator
Dunlop Crybaby Original
Boss CE-5 Chorus Ensenble
Boss GE-7 Equalizer
#4
I bought that same pedal about 3-4 months ago and I can't say a single bad thing about it. I don't find it overly expensive; in fact, I thought it was an extremely good deal (I got mine from musiciansfriend too).
I currently a BOSS DS-1, DigiTech Hot Rod, and a Big Muff Pi for distortion pedals and while they all have different qualities, I think if I could only pick one, it would definitely be the Silver Dragon.

Plus the name is kick ass!
#5
I've got one, it's awesome. Not a bad deal either, given that it's got two modes. Tons of gain even with only the tube side kicked in. Just keep in mind that you won't need to crank the Slayer-side gain (Intensity control) for a good lead/solo tone. 9:00-11:00 on the Intensity works great. There's some noise with the Slayer side kicked in, but it's pretty quiet as long as you're not an idiot and try to crank the Intensity. Slayer is basically a built-in boost, and the tone is more aggressive when it's kicked in. You could also use it to alternate between two distorted tones, say a hard rock and a metal tone. Unless you absolutely need a mid control on your distortion pedal, go for it!