It's a great starter pet. If you are happy with it, you can stop there. You could also work on trying for better stats and adding other talents like Defy or Fairy or specific damage/critical talents. It really all depends on you and what you want in a pet and also if you want only one good pet.
What I would recommend is use this pet as a "skeleton pet" though for hatching with other pets.
This way, you can go for double damage, or double resist, or basically anything else you desire in a pet since it can be hatched with a pet of any school to create the potential for many pets. (This is just assuming you plan on making other wizards eventually) Try it out, see how you like it, if you feel you need more resist, hatch with someone whose pet has spell defy. If you want more damage, hatch with a pet that has damage to your school. You'll figure it out based on your needs when in battle.
John RavenCatcher - lvl100 John StormWalker - lvl95 John DragonPyre - lvl58 John FrostShard - lvl63
"Bambi is my old name. Now.. Now they call me Deer Knight."
I think hatching is optional if you want to. The spells/talents for your sea dragon, I say, is really good for PvP. You don't have to hatch. If you do hatch, you get more spells(example: life spell). Hope this helps!