It looks ok, but still doesn't portray the right perception i believe... basically the dragon should be "sitting" on top of the axe's pole, with its wings spread in a curving arc in frong of him (picture reaching out to give someone a hug... hahah thats the easiest way to picture it) so the wings you see are basically the back of the wing as it curves to face you... obviously it wouldn't actually curve, since its an axe, but i believe it have the most useable axe shape... if i could find a way to better explain that pose, that would be cool... also i'm not happy with the head... the head is actually leaning back and blasting into the air, so what you see is the underside of his mouth... i need a good way to illustrate this fact, as is it looks like it should be the "face" of the dragon...

For functionality, i believe this axe would have the same image on both sides, instead of a "top half" with the face of the dragon and "bottom half" with the underside... this would allow the axe to stay thin, and functional as an axe.