At first when the NF preview came out where we could play a Paragon or Dervish in PvP, I remember a deal I made with my friend; he'd try out the Dervish and I'd try out the Paragon. I create a Paragon, and run around on Isle of the Nameless (didn't PvP, just wanted to see the new class). I didn't care for it. I told my friend I'd rather have chosen the Dervish.
When NF came out, I made a Paragon, and my God it's such a bad ass. PvE wise yes, it's easy for a Paragon to make a build to compliment Heroes & Henchmen. PvP I haven't had any luck with (although the Costume Brawl build looks very nice, I may imitate that build).
I think of the Paragon as the jack-of-all-trades. For those that played WoW, the Paragon is the Shaman of GW. Paragons can do decent support, decent damage (statistics can do better than warrior weapon

) and have decent survivability (tough armor and decent self heals).
The Paragon can't be a substitute for another class, but enhance, compliment, or buff any party member when you think about it. We can support attackers and casters, and provide defensive buffs to all. I have the mind set that I'm a jack of all trades, I won't do anything WTF amazing, but I will make a difference and be able to support either role in the party.
I think that actually helps the Paragon. Some classes have pressure to perform exactly as expected; what is expected of the Paragon? Keep shouts up? Keep throwing spears? Use your Signet of Return? Answer that, and go from there to get ideas churning.