Dungeons as Paladin:
Cooldowns; are long on Sentinel/Hallowed making usage on trash/non-critical situations dubious(?). Sheltron, Bulwark, and Rampart do not offer significant advantages over Dark Knight or Warrior's toolkits.
Shield Bash; Stunning is too costly - period. Monk/Dragoon/Ninja/White Mage can all CC more effectively.
AOE: two tools; Circle of Scorn & Flash - lowest AoE Damage output & Threat.
Shield Swipe; Currently useful to cycle through targets and Pacify - will no longer be useful in large group situations post-3.1
Hallowed Ground is the only thing - might make things easier with AST/SCH, WHM invalidates HG with Stunlock (Holy) & Benediction.
Raids as Paladin:
Cooldowns; Bulwark & Sheltron only useful in A2S or on AA damage, Hallowed Ground & Sentinel's long CDs makes them critical use only - if you mess up you're unable to recover - "Paladin is the best (???) at mitigation"
Damage; Lowest DPS output in both MT/OT slots - even post-3.1
AOE; Same issues as in dungeons.
Shield Swipe; post-3.1 will actually be used - but only as MT
Enmity; (scales off STR) lowest Enmity gain, requires Ninja to maximize DPS output*
TP; runs out flat at 02:40 & post-3.1 02:55-03:00 depending on procs & enmity rotation requirements.
Block/Sheltron/Bulwark; Parry gain causes Block loss, only Phys., realiably only lowers AA on most procs in current raids, useless as OT
Cover; only effects Phys. damage, cannot be mitigated, has limited range.
Divine Veil; scales off HP (VIT does not fit the meta), does not shield the Paladin, cannot be proc'd with WHM/SCH/AST Ability heals or Clemency
Clemency; Long cast - either lands too late or generates healer enmity via overheal, easily interrupted, MP cost, useful as OT(? DPS Loss)
Spirits Within; scales off current HP (VIT + current HP%) & STR (Primary potency modification Attack Power)... (???)
RoH; STR down - lowers Phys. damage, essentially only useful for AA, enmity component risky use in OT slot (DPS loss)
Offensive CDs: one - Fight or Flight 90s recast
No raid-wide damage buff utilities, no raid-wide debuff utilities. (vs. WAR kit, DRK kit)
The "better mitigation" myth;
Primals; HG lets you cheese one mechanic in Ravana EX.
A1S; Functionally worse than WAR & DRK.
A2S; Functionally on par, lacks utility & DPS compared with WAR or DRK.
A3S; Allows you to cheese a party swipe via HG, a Wash Away with Tempered Will, Stuns on Adds - low DPS or missed CD rotation causes wipes.
A4S; Functionally worse than DRK. Stun is nice? TP issues, DPS issues.
"Sentinel is 10% better than Shadow Wall" but most tank busters are Magical; see DA-D.Mind + Shadow Wall.
I don't think any minor fix will change any of this. TP fixes won't change any of this. Paladin has an ill-functioning toolkit post-3.0, and an arguably worse toolkit post-3.1 but slightly more DPS.
Personally I did Paladin main thinking gear might solve it's issues - it is my highest iLv; and it functions worse than both my lower iLv WAR & DRK.