Draco seems insufficiently clever--he's gotten a lot of character development, and could be an agent in the story, but so far he just reacts. (He's already too clever for a 10-year old, but Harry is far too clever for a 10-year-old, so fair's fair.)

I can imagine an alternate HPMoR in which instead of Hermione, Harry had died--preferably later in the story, say at a false climax in the middle of a full-scale war--and Hermione and Draco had to step up to being the protagonists. Possibly I'm just getting tired of Harry's perfection, but seeing them develop towards what Harry is now seems to have more potential drama than seeing Harry develop anywhere (that can be portrayed in fiction and understood by a wide audience) from where he is already.