The edition of this book passed in front of me at Open Library and I quickly requested it. I loved the Disney movie and my kids grew up with the VHS and then the DVD of this film (Jim Dale, famous for his Harry Potter book recordings, co-stars in the film).
The book is a simplified, Golden Books-style adaptation of the film. It does a fine job of telling the story of the movie without giving us much of anything extra (character motivation, location description, etc).
The story tells of a boy who has a dragon for a friend. The dragon, Elliot, is with Pete because Pete 'needs' him. Pete has been sold (from an orphanage) to a family (the Grogans) that abuses him as nothing more than slave labor. Pete and Elliot find themselves in a small New England town called Passamaquoddy. A travelling medicine show owner hears about Elliot and wants him for 'parts.' The Grogan's want their laborer back. A lighthouse keeper's daughter takes Pete in, and he returns the favor by sending Elliot to find her fiance who was lost at sea.
It's really a sweet story, told in classic Disney fashion. I highly recommend the movie, but if you see this book in a sale or on a library shelf, give it a look, but know the movie is better.