Well, its got that big problem of "Is it a Spheroid, or a aerodyne." Its built with Spheroid stats as far as I can tell, so despite the artwork, that's what we'll assume.
At first glance it looks like a pure upgrade on the Leopard. Heavier, faster, more armor, more weaponry, more cargo, able to carry everything a Leopard can, and more. Its weaponry is in the nose, giving it that heavy solid punch as its making its way to the landing zone. Sort of.
Because its a spheroid, its got the Spheroid firing arcs. Which means unlike the Leopard, it can only fire its Nose weapons into the very front arc. The leopard, as an aerodyne, can fire its Nose and wing weapons into the hexes directly infront of it, giving it similar firepower. Though obviously the Lung Wang has an advantage in other arcs, its something to keep in mind.
I think the biggest obvious flaw is the lack of weaponry in its aft left and right arcs, though to be fair, the gap is probably smaller than what the Leopard has simply for being an aerodyne.
If you always thought the Leopard's cargo was too small to be realistic, then the Lung Wang is a pretty good upgrade for it, you just have to realize its going to play differently due to being a Spheroid.