I have yet to use any of the Dragons yet, but they seem like they'd be a lot of fun to field.
As for the rest of your list, here's what I noted and what I'd reconsider changing:
1. Your Prince can't have 2 different types of Magical Armor. The Armor of Destiny and Enchanted Shield both count, in this case. Give him a regular shield instead. I'd also consider dropping the Seed of Rebirth. A 6+ Regen roll won't save you too many wounds, and you can probably use the points better somewhere else. I would give him a regular Great Weapon, Dragon Armor, a Shield, and Vambraces of Defense. You still get your 4+ Ward Save, and you get to reroll all your failed Armor Saves, which is still a decent 3+. It'll also save you 6 points.
2. Give your Noble a Great Weapon. Going from
Str 4 to
Str 6 for only 8 points is chump change in a 2500 point game.
3. Lose the Dragonbane Gem on the second Mage. Flaming attacks, while not uncommon, are easily avoidable, provided you have the Mage mixed in with another unit. And even then, you have a 2+ Ward Save, in the form of a "Look Out, Sir!" roll.
4. I would suggest dropping the Sea Guards, and just investing all those points into a bigger block of 50+ Spearmen. Give it Full Command, and take a War Banner. Now you've got a nice sized Horde, that can fight in 4 ranks on a charge, and 5 ranks when not charging.
5. Sword Masters, I have found to be pretty effective without the Full Command. While aesthetically speaking, they look great, they aren't necessary. And with the amount of points you spend on a Bladelord, you can get an extra body in the unit for only 3 more points (Refer to my notes on your Prince!).
6. Your Phoenix Guard look fine, but I would consider getting a Banner of Sorcery on these guys. An extra D3 of Dice each magic phase can go a long way, especially when you have 5 spells (or more, if you take High Magic) between 2 Mages to use.
7. I'm not a fan of Ellyrian Reavers, but understand they have their uses. I'd take out the Harbinger and replace him with a Musician instead. I'd also take the Banner out, and invest in another rider possibly instead. I don't know how you intend to use these guys, but if you intend to use them for shooting, I wouldn't rely on them making or breaking the game in anyway. "Fire on the March" is nice, but with only 5 shots, you're not likely to inflict much damage. I'd use them for setting up charges on the Flank or Rear of your enemy units instead. Being able to Scout helps a lot, and as Fast Cavalry, you have a lot of mobility to take advantage of.
All in all, not a bad list though. It looks like you've got a couple of IoB sets and have picked up a few odds and ends here and there. Funny how a lot of HE players are starting out that way. (I've got 4 sets myself

). Granted, I'm still learning HE's myself, but I think I've gotten a decent grasp for the game. Let me know if you need anymore help.
Good luck!
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rockabill-gr wrote:i dont know what dakka thinks

, but i would use an archmage.
folariaths robe, on him, and banner of world dragon on the
bsb, both of them in a phoinix guard unit.
I'm not a fan of "defensive" type magical items, personally. I'd rather spend the 45 points at making my Mage a better caster, but that's just me. Also, the Banner of World Dragon is bit of a double edged sword. I wouldn't take this, unless you know exactly what spells from which Lore you intend to cast. I suppose having the Seerstaff of Saphery would help here, but it's only 2 spells you'd be able to choose from.