The biggest downside to putting points in Paragon is a loss of health, every point in a Tank soul(Paladin, Void Knight, Reaver, Warlord) is an extra .46% health so 21 paragon would lose you 9.6% health which at current gear levels is about 800 health.
Also in the Sigil section can you please add comments on the 'Metal Temper' essence form the Expert Rift daily quests: http://rift.yg.com/item/metal-temper?id=BF87B1C80201010101
Based on current gear used, the difference is actually 700 - 725 health. (Using buffs and comparison between 44 Paladin build vrs the Paragon build).
I am starting to put together hard numbers for review, as its always nice to have them =) From my personal experience using both builds in experts, and talking with other tanks outside the guild who have used both, the general census is that Paragon build mitigates far more damage then the 44 pt Paladin build.
Having the ability to mitigate 100% physical dmg for 20 seconds over the course of 1 minute, yields far superior mitigation then having up to 60% absorption for 10 seconds every 1 minute. The shield healing component was also taken into account.
I will gather up some DPS test subjects soon, and parse in 2 min intervals using both builds, multiple times, and post those results with breakdowns showing what was mitigated on each build. This will be a fun experiment and may shed some light on ways we can improve our tanking prowess ;-)
Updating the Sigil section soon too!