I'm doing TotM at the moment, so I have a lot of time on my hands. After participating in this thread, I feel it's time to lay down the nitty gritty and discuss what exactly is wrong with Paladin and the role of tanking as a whole in this game.
A lot of players feel that SE fixing enmity will solve Paladin's problems with being undesired in the current state of the game. This is 100% false for a number of reasons. One of the most obvious is, if content can be completed without the use of a tank (Zerg strats), then it will be done that way regardless. The other reasons will require some explanation.
In FFXI, we have went through a number of jobs/subjob combinations that went through a phase of tanking.
These were on HNMs:
RDM/NIN (guide)
NIN/DRK (guide)
DRK/NIN (essentialy the same as NIN/DRK for the most part)
I added on the guides to avoid further exposition.
This was essentially on lesser content such as Nyzul:
WAR/SAM
SAM/WAR
MNK/WAR
The HNM list was essentially nerfed to the ground by SE, especially in RDM/NIN's case where they ripped apart every aspect of RDM/NIN tanking through an update. NIN, while still a viable tank, lost value through the use of excessive AoE and Double/Triple attack. The lesser tanks remain unchanged, and in fact have gotten better with time.
The obvious reason why SE nerfed the HNM job combinations is not only because it seemed like an exploit of the VE system, but also because it overtook PLD's role significantly. This was also the case when NIN was originally the dominant tank during the early years of FFXI when PLD's Sentinel didn't have -PDT(it simply increased defense) and Rampart didn't have the Magic Shield effect, and most of all there wasn't Shield Mastery and Atonement to spam.
Anyway, while SE realized that these HNM jobs were used more than PLD, I don't exactly think they understood why.
-RDM/NIN was a magic tank. It could survive magic AoEs with Shell, -MDT gear, and barspells. It also had a superior amount of MP in comparison to other tank jobs which allowed it to stay in battles for extreme amounts of time.
-NIN/DRK and DRK/NIN simply dealt much more damage than PLD, and neither job had to sacrifice shadows to use it, unlike PLD which was stuck to /NIN, rendering it unable to apply other subjobs to increase it's damage.
In other words, it's all about versatility. While PLD is overall the best at mitigating damage, it's terrible at just about anything else. It can hardly DD, it can hardly heal, and it hardly has any useful utility that helps the party as a whole. This is true even in today's metagame.
We have to keep in mind that damage is currently the #1 way to go against mobs, and it's not just because it overwhelms the hate system. A lot of it also has to deal with AoE spam(which makes a tank useless), hate resets(which makes a tank useless), and most of all time limits. More damage to the mob means less damage to the party overall. More damage to the mob means less time spent killing something. This is why Embrava and Perfect Defense are such gamebreakingly good buffs even though they can only be used in conjuction with SPs.
With the coming of Rune Fencer, SE has shown that they realize this issue as it is, as they have given the job a DD stance along with a tank stance. Whether the DD stance is good enough or not will be unanswered until April when there'll be lvl 99 Rune Fencers to test it, but they continue to either ignore or be woefully optimistic with this problem with Paladin, and I'm left wondering why since they also have to know how dreadfully weak the job is as a whole.
Even with the enmity system, Paladin will need one of two things:
-A damage buff. Say what you will about how tanks should act, but this would be PLD's only saving grace if things remain how they are now. PLD is in sore need of a damage buff anyway since they require the best weapon/shields in the game to be considered.
-A powerful utility ability on the level of Embrava and Perfect Defense. I really dislike this method as it does nothing but give PLD a niche, but SE has shown that they've been willing to do this with SCH, SMN, and in the early years RDM.
Personally, I feel PLD should get a total revamp and be remade from the ground-up, but obviously that's too extreme. Either way, SE should take a hard look at PLD and what it brings to the table, and adjust it accordingly. Just fixing enmity won't solve PLD's problems. Any content that can be done without PLD, will be done without PLD.