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The steeds of the Nazgul had no feathers or scales, but naked hide. Their description differs somewhat from that of a dragon. Also, would Legolas have been able to shoot a dragon? A young one perhaps, which is what the steeds would have had to been because of their size. But if the steeds are dragons, then there are no more, because these creatures are the 'last untimely brood'. Also, if they were dragons then they were winged but fireless. Were there any like that? Did the cold-drakes have wings?
Personally, I think that they are more likely to be one of Morgoth's creatures that he released. RotK says that the beast was perhaps 'a creature of an older world... whose kind, lingering in forgotten mountains cold beneath the Moon, outstayed their day...' Who else was releasing monsters in the First Age?
If they are Morgoth's creatures, are they evil any more than the horses are? Don't you have to have awareness before you can be evil?
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