I think kneecapping one class is a horrible, HORRIBLE approach to balancing unless it truly deserves it. As it is I think Paladin is fine, though there are aspects of it that need tweaking (yes, even the best tank still has gameplay issues, loathe as anyone is to admit it). Paladin is pretty well-designed right now, and the issue with tank balance isn't so much its fault as it is of DRK and WAR.

Dark Knight needs its mitigation and DPS addressed, because it shouldn't be leaning on The Blackest Night as its primary form of defense in fights, and it should do damage in accordance with its utility. Warrior needs inner release, its tank stance, and its overall damage output addressed. If they kept PLD the way it is right now and then buffed WAR or DRK instead, I think tanking would be in the best state it has ever been in (really, REALLY not much of an endorsement); the groundwork is all there, they just need to work out the kinks.