It's not OP necessarily. I mean it's good and all, but Red-Eyes itself has support like black dragon's chick and Blue-Eyes now has Kaibaman, so Luster Dragon #2 is not nearly as good as it looks. It's also lacking in defenses unlike cards like Beast of Talwar.
Can't wait for the level 4 Luster Dragon. It will probably be a UR since it has 1900 ATK.
Probably not gonna release it any time soon because they seem to only release cards with high stats that aren't buffed by field spells. The strongest 4-star monsters that get buffs from field spells right now (not including cave dragon) are 1700 like Sonic Duck or Neo. Luster Dragon might come out later when the meta shifts away from offensive decks to more defensive decks so that it isn't as good
Good boss for the Kaiba deck. With Element Dragon, it OTKs easily.