The problem I see with aether is that all of it's mechanics are... well... lacking. They have no soft counters.
If the dragon is strong enough to play, it's too strong, because you can't kill it, or stall it. If you have, say, fog, dusk, phase shield, dissipation shield, gravity shield, or hope, you've got a chance. But if that things doing 10 damage per turn, you've got 10 turns to live. Oh, and by the way, phase shield.
Aether is just too... immortal. Aether is the element of "I do this and you can't do anything about it". I copy my creatures and you can't do anything about it. I protect my creatures and you can't stop me. I protect myself and no damage can get through. Unless you have one of the counters to aether, you lose.
At the same time, /if/ you have that counter, you win. Phase shields? No problem for direct damage or permanent control. And who cares about phase dragon, I'm gravity mono.
So here's why I say you shouldn't buff aether.
The problem isn't in the balance, it's in the mechanic.
/Everything/ needs soft counters. There has to be trade offs. I'd be fine if phase dragon was 11 damage for 13, if there was a way to target immortal things. But right now, aether plays phase cards and doesn't give a rat shit about what you play. Either you play the hard counter and win, or you don't. There is no damage race. There is no strategy. "I play my unkillable damage. I play my perfect shield. I hope I win." "I steal your cards and you can't stop me. I play as though I had two of your deck. I hit with the best control card in the game. I hope I win."
To counterpoint, with life, there's more. Do I adrenaline your hitter to kill it with my thorn, or do I adrenaline my scorp and damage race? When will I be drawing my heals? Should I go for EM? They're fire, do I switch to emerald shield? Do I save up for a dragon to avoid CC? Hell, with any element, there's a least /some/ ways to have strategy.
Which is why I'm fine with aether being really weak. That dragon could do 3 damage per turn and still win. If I don't have the specific hard-counters, it kills me. Simple as that.