All G-10 handled compression lock folders need two liners, though they may be nested. They can get away without liners in the aluminum Salsa because the lock isn't rated nearly as high, at least to my knowledge. But to have a real MBC compression lock folder, you need two metal liners (or Ti scales for the Ti Salsa or ATR) of some sort.
Listed weights for the Military and Parmilitary in the '04 catalog are 4.2 and 3.75 oz. respectively. So the Para is a little portly for it's size, but it's still a decent step down from the Military. And it's a lot lighter than the 4.6 oz. listed for the Lil' Temperance, the knife that most closely compares with it in terms of size, construction and lock strength.
If you've ever handled a Lil' Temperance, you'll probably see that dual liners aren't a bad thing. It adds some weight, but also a lot of stability to the knife. I'm also pretty confident that the liners in the Para aren't quite as big as in the Lil' Temp since it has a single position clip.
Also, I don't think the design concept for the Para was merely a smaller Military. I beleive that it was more of a "let's make it the best we can with what we have now as versus what we had 8 or 10 years ago." The Para would be horribly outdated if it was just a smaller version of the Military. Yes, the liner lock on the Military is the best I've personally ever seen. Yes, it would still be widely accepted and loved, but it wouldn't represent the best that Spyderco can do. Sal has always done what is best rather than what is popular and that's why Spyderco is the powerhouse it is today. Sal stated recently in another thread that the Military has undergone about 20 changes in it's lifetime. It would seem silly to start over at the same place with the Para. I'm sure the Para will evolve as well, but Spyderco has done their design engineering much more thoroughly in recent years, necessitating fewer changes. I don't know that I'll buy one or not because I have a Lil' Temp for working and a Calypso Jr. for other times. The Para would bridge the gap between the two and it does offer those who love the Military a smaller, similarly styled and similarly useful knife. Even if you don't love the Military, it would make a dandy 3" folder. Just my thoughts.