I only have the FRN handled lightweight. The clip is by far the best feature of the LW. The steel accepts a tree topping sharp edge and performs fairly well. The centering being perpetually off no matter what you try, and the half washer/half FRN boss on the pivot makes me wish I had gotten the G10 version instead.
Not having had both I can't say for certain. I know the Para3 LW is a good usable knife, but it's likely not as satisfying to handle and use as the G10 Para3. All that being said I've hardly carried anything but the P3LW in the almost 2 years since I got it.