I've played with Chaos Dragons before, and the deck is only really explosive if you open with Future Fusion. If you don't, it's rather inconsistent, as the deck can get really bad hands, and milling spells (if you are using a Lightsworn engine) is always unpleasant. If someone has been able to make a consistent build, I would be fascinated to see it.
Though, I wouldn't be surprised if Konami boosts the deck on the next ban list with Chaos Emperor Dragon to 1 or DAD to 2. Of course, I don't think anyone would want these things to happen, but Konami is nuts.