|I liked this a lot! The title and the intro hooked me.
Your descriptions of the wispdragon were very good – not overelaborate, but just enough to plant a firm image in my head. I appreciated the lesbian love story in a fantasy setting. It's something you don't see every day. The love story was also well handled. Sincere, believable, and providing a strong objective for our main character.
No grammar notes (which is incredibly refreshing) and I thought it was very well-written overall.
I have a couple of nitpicks about the story. The line "What do your dragon eyes see?" reminded me of Aragorn's line in LOTR, "Legolas! What do your elf eyes see?" and for some reason that makes me laugh. I'd change that line up a bit ... you don't want your readers thinking about Orlando Bloom's dreamy blue eyes when they should be thinking about Kaye's quest.
I didn't love the scene with Jatson. First off (and this is a VERY nerdy nitpick) historically knights did not use bows. They thought of ranged killing as cowardly. However, you may be going for a Russian-type fantasy setting because of your numerous references to "steppes." If that's the case, ignore this note, since Eastern Europeans/North Asians were big on missile cavalry.
Second off, you fall into the "long conversation in the midst of a big battle" trope. Why didn't an enemy soldier come up to Jatson and cut his head off while he was prone on his knees? Kaye could have been struck by a stray arrow, or crushed by a falling wispdragon in a freak accident. I just don't believe that our characters would be having this chivalric exchange in the middle of a huge, brutal, hand-to-hand battle. Perhaps there's a better way for Kaye to get this information out of Jatson without suspending disbelief.
One last thing. Why does Kaye release Zigo from her service? She doesn't know that she will find the hourglass and travel to a new plane of existence. For all she knows at the time, the gleam in the white sands could be a broken beer bottle. How would she get home then? Seems like the land of white sands is pretty far away from home. Would she go back to Zigo and say, "Wake up, buddy, I spoke too soon, I actually need a ride back to my apartment."
That last bit was a little cheeky of course, but I really did enjoy this very much, and would love to read more of your work. Any particular story you'd recommend, or want reviewed?