Felon said:Make no mistake about it, the PHBII's variant rules are a downgrade. Trade in an animal companion and wild shape for a +4 enhancement bonus to Str, a movement increase, a 1d6 bite attack, and...well, that's about it really. All your magic gear goes away in that form, so I really don't see the AC bonus as a big plus.
It's definitely an overall power-down--how much of one depends on your level. At 3rd, for example, I'd say it's a net slight increase, as your animal companion is really a bit of a liability rather than an asset at that point, and you don't get regular wildshape yet. But for the most part, you won't be as tough in combat as a standard-issue druid.
I still like it, because: a) keeping track of an animal companion is a pain, b) keeping track of virtually unlimited wildshape options & your alternate stats in those forms is a pain, and c) keeping track of uses per day is a pain. And I hate pain.

I agree that an aquatic form would be awfully handy ...