I like this Dread too. It's got a smooth, clean color scheme and good effects with the lenses. But I have to agree on the decal. It totally kills the illusion. Try some decal setting solution from www.micromark.com. That stuff makes decal lines disappear like magic.
I like it a lot. The lenses look awesome and quite real. And I love the chipped paint look. But I also have a problem with the leg decal. If you haven't already sealed this, take it off and reapply it with less water.
A very nice paint job! Keep it up. The only thing that slightly bothers us is that it seems to be very dark for a space wolf dreadnought, put the symbols aside we thought the colour scheme would be more appropriate for a black templar army. (We not known for sticking to generally accepted colour schemes so what we just said is definetly a compliment!)