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  • Large magic beast (no reach); 6 RHD (full bab, 2 good saves); move 10 ft/swim 40 ft; +8 natural AC; 3 natural attacks; Str +8,. Dex +2, Con +6, Int -8, Wis +2 (net +10, but -8 to Int hurts); decent melee chassis, but very limited by environment.
  • Small skill set; -8 to Int; racial bonus to swim; lets face it, skills just aren't your thing.
  • Hold Breath - so, you're not even truly aquatic; Rend - nice, as it goes; darvision, low light vision, scent - your senses are quite impressive.

Pros: good physical stats, decent natural AC, rend and scent
Cons: your land speed sucks, massive hit to Int, and even if the campaign is entirely aquatic, you'll have to come bobbing up to the surface on a regular basis.

All in all, I'm in agreement with LA -0.