Paladin adjustments = PALLY BUFFS!

[Lemuria]

Not amazingly happy about the 5% damage reduction loss (okay, speaking frankly I absolutely hate it since high defense is the one thing we have going for us), and I'm not sure what they want to achieve with the enmity boost since that was never Paladin's issue. The slight damage buffs are kind of nice though, so I guess it's not a total loss. Also that clemency buff means it might even be useful!

[FallenWings]

Not amazingly happy about the 5% damage reduction loss (okay, speaking frankly I absolutely hate it since high defense is the one thing we have going for us), and I'm not sure what they want to achieve with the enmity boost since that was never Paladin's issue. The slight damage buffs are kind of nice though, so I guess it's not a total loss. Also that clemency buff means it might even be useful!

Damage penalty has been reduced from 20% to 15%

It is the -20% modifier on Shield Oath that reduces your damage that is being reduced to -15%.
So Shield Oath will now read as:
Reduces damage received by 20% and increases enmity, while lowering damage dealt by 15%. Increases accuracy by 5%.
Cannot be used with Sword Oath.
Effect ends upon reuse.

Damage Penalty =/= Damage Reduction

[Jpec07]

Damage penalty has been reduced from 20% to 15%

It is the -20% modifier on Shield Oath that reduces your damage that is being reduced to -15%.
So Shield Oath will now read as:
Reduces damage received by 20% and increases enmity, while lowering damage dealt by 15%. Increases accuracy by 5%.
Cannot be used with Sword Oath.
Effect ends upon reuse.

Damage Penalty =/= Damage Reduction

Exactly this. It's actually a flat 6.25% DPS buff for PLD in ShO.