In regard to the Circle of Dreaming, its obvious that the mechanical abilities simply don't match the idea that is put forth through the fluff description.
In my mind a Druid Path that deals with the Feywild should accomplish the following things:
1. Give the druid access to additional Enchantment and/or Illusion spells that they normally wouldn't have. This would be done very similarly to how additional spells are handled currently through the Circle of the Land. Even better, when this Circle is taken, give the player a choice of either Summer Court or Winter Court, much like Circle of Land lets you choose a land, but only two options. The list of spells could be different based on which court you choose.
2. Enhance summoning of Fey creatures. There are several spells in the Druid list that allow you to summon Fey creatures, Conjure Woodland Beings for example. These spells should be boosted in some way, whether it is giving more creatures or more HD/hp per creature or allowing higher CR creatures.
3. Allow the druid to use wild shape to turn into Fey creatures. Blink dog comes to mind right away, but possibly some others? The list isn't very long, but pixie, satyr, dryad....maybe
4. Give unique abilities for overland movement. The Hidden Paths ability is a good ability but it also needs a component for travel times outside of combat.