I half-wish that there would be a way to teach a compilers class as the second class in a CS track (ie, right after the intro class), but the problem is that it just requires too much familiarity with the details in order to impose upon most beginner/intermediate students, even if a few really interested ones could potentially handle it.
It might be easier if you started off with Scheme and then went from there (a la SICP), but even then, you'd miss a lot of the more fundamental concepts assumed in the Dragon book that really just need a lot of time to be digested.
[1] Alright, there's probably a three-way tie for 1st, but it still counts. My education would not have been complete without it; I highly recommend the Dragon book to anybody who has the time and interest.