I didn't put Fire Kraken off, I just wanted to wait for Jade Fire Kraken, and then things got busy...That said, I will admit he probably appeals to me the least from all the SWAP Force Skylanders.  I say that very much aware of the potential backlash due to the extreme number of dragon people out there that love everything regardless...

Fire Kraken's primary attack, Sparking Strikes is actually pretty good.  I was afraid it was so good it would be one of those times all the ugprades are a disappointment...I was wrong.  Glow Stick offered a nice increase, but where the big pay came is with Rising Fountain.  This is roughly a 2 Second charge to deliver 85-128 Damage!  Take "The Showcase" Path and you get it further enhanced both with additional damage and aesthetics.

The Showcase Path is hands down my recommendation up top.  It isn't exactly great, but it looks cool, adds a powerful 50-75 via projectile after you execute Rising Fountain and the firwork ring after the fact is just neat looking...the 12 damage is negligible imo.

The Magnificent Dragon Parade is what everyone raves about...It is literally I ever heard about Fire Kraken.  I am not a fan and I don't think that will change.  The initial run time was a joke, so I figured the upgrade path would extend it like crazy and amp up the damage.  It lasts all of 5 seconds for me.  That isn't much of a parade.  I did realize the Armor jumped +25 which would be a saving grace, but my Jade Fire Kraken that has "The Showcase" also has the +25 so I am not sure what the deal is.  I might appreciate this one slightly more after using it in game, but I will still prefer The Showcase.

Fire Kraken's bottom end is more flash to me, but it is pretty unique and colorful, which I will count as pros in this case.  The damage on the 3rd Hit is very respectable and coupled with Show-Off you get a pretty solid set-up, it is just slow and cumbersome to execute.  Speaking of slow to execute, The Big One needs about 12 seconds to charge!  That is nuts!  However, it is cool, unique, and delivers a crazy 120-180 Damage!  That makes up for the 12 seconds, especially when you consider that you can Primary, Secondary, and I assume Tertiary (although I didn't try it...see, not a fan of Dragon Parade) while the count goes down.

Stunning Sparker allots a temporary (see 12 seconds) speed boost while The Big One lingers...I love speed and this does help you control the setup nicely.  Sizzling Sparkler is, in my opinion, negligible.  

Booming Bouncer is one I had high (ha, punny) hopes for...sadly, they were dashed.  I assumed Bigbadaboom would address the super useful Kraken Up that deals 25-38 when simply jumping.  Sadly, it was tied in with the secondary attack instead and while it is cool, doesn't do much for me damage wise.  Strike the Foes will clear the area out and do decent damage, but any repeated use of it will restart the already long 12 second timer.

The top end Soul Gem, Dance of  Dragons is pretty lackluster, mainly due to Rising Fountain.  I would never release Attack 3 to do it as you will automatically engage it after the 5 second run time.  The bottom end Soul Gem, The Bigger One ups the damage to an amazing 150-225 and adds some more color and a bigger radius...it totally makes up for the top end SG.

My preferred combo would be The Showcase and Stunning Sparker.

For veterans I would suggest The Showcase and Stunning Sparker.  For rookies I would suggest The Showcase and Stunning Sparker.  As you can see, this is one of those cases where my opinion is of the variety that two paths are really better than their counterparts.  The bottom end is really a catch 22.  If you want Speed go with Stunning Sparker, if you want the clearout, go with Booming Bouncer.

Fire Kraken is one of those characters that has base upgrades that really outshine the Upgrade Paths.  That isn't necessarily a bad thing, it just kind of dampens the appeal of the paths since most tie in a perceived increase of epicness.  While it may sound like I am being harsh, I really like Rising Fountain and Sparking Strikes is enhanced very well by the base attacks and The Showcase Path.  It is, in my opinion, his clear strength.  Similarly, on the bottom end, The Big One (and subsequent Soul Gem The Bigger One) totally outshines either path.  In all honesty, I like the base upgrade Kraken Up better than either path combined.

All-in-all Fire Kraken to me is a heavy primary hitter.  The way he is structured I would set up "The Big One" and go to town with the staff until it launches.  He should be quite formidable in this fashion.  Magnificent Parade just does nothing for me personally.  I will give it every chance to win me over, but I can't see it happening.

That said, this guy is very colorful, unique, and will be quite powerful with the play style I described above!

I will work towards trying to figure out if there is a glitch on my end and the parade should last longer and how Jade, not down the Parade Path, got the same Armor increase by checking in on my other JFK.