I felt the need to jump in here since I own both models. Their both great knives but which one you get really depends on your application and carry. Based on construction, fit, finish and execution the Lil' Temp wins hands down. I've heard some people complain about the ergonomics of the Lil' Temp but from my experience it feels like it was to molded to my hand. The lock up is very secure and it is MBC rated making it excellent for SD applications.
Having said all that, the Para is my most (or was, I'm at school in D.C. were the district knife laws don't allow anything over 3" can't wait to get my black Yo') edced blade. For the longest time I never understood why everyone on this forum was so crazy for the Millie (its to big for my purposes). So, when the Para came I bought it immedately and never looked back. I can't really explain it but there is something about the design of the Millie and the Para that lend themselves to being truly utilitarian knives. They're just that good. Talking about this makes me miss my Para. Anyhow, I will note that I don't like the pocket clips on either knife but if I had a choice I'd take the Para's clip. Also, the Lil Temp is a heavier knife which makes me less apt to carry it. I never even know the Para is there.
To sum it up, I think the Lil' Temp is great for SD applications and heavy use. If your looking for something to carry everyday go with the Para. The only changes I would make to the Para is that it become MBC rated and have a multi positional pocket clip with a lower profile then it would be the only knife I would ever carry.