Nice summation, though it's worth mentioning that the being in the background is actually Venger, the regular villain of the D&D cartoon series, and the monsters are actually one monster; Tiamat, the five headed dragon who was the most powerful magical beast in the Realm (Each head was a different colour (and form of attack) matching the five most common D&D game dragons)
Both show up in the opening, which I'll try and add to the post.