They're both GREAT knives. You might feel now that size isn't an issue, but I'd be willing to bet that eventually, in some specific circumstance when other people are watching, you might find the Military a bit big & scary for others. I tended to be a little too wary of potentially scaring people when I carried my Military, so it became a bit of a downer & distraction when it was in my pocket. So, with that in mind, the Para-Military looks more appealing to me. They both use the same steel on their standard versions (CPM-S30V, fantastic steel, equally thick on both models), and the same handle material. In the hand, they feel great. Surprisingly light weight for their size. Nice, full & grippy. They inspire confidence in that you'll not be worried about losing your hold on it. The 'compression lock' on the back (spine) of the Para-Military might seem odd at first, but it doesn't take long to start liking it. It's said to be stronger than the liner lock on the Military, although even that one seems plenty tough for me.
I have 3 of the Military and 2 of the Para. On any given day, I'm more likely to carry & use the Para. Overall, I'd give it the edge up only because it's not quite so intimidating when others are around, and therefore less likely to get you in trouble with those who might object to it.