I'd go with the Paramilitary. The steel is better, lock is stronger (although Emerson's linerlock is plenty strong) and the price is considerably lower. I also prefer Spyderco's flat ground blades to Emerson's chisel ground blades for utility tasks (even Emerson's V ground knives have chisel edges).
For self defence use, the Mini CQC-15 has the advantage of the wave.
Don't get me wrong, I like Emersons (in spite of those sodding chisel edges) but I think the Para 2 gives you more for the money.