Unless the PCs have good ranged attacks, the flayer might win out.
Levitate (possibly hidden)/mind blast. Repeat. If PCs separate and try to hunt the flayer, it might use charm monster on a single PC and at the very least charm him/her into not attacking.
Once the paladins close in for melee, it's over. Would an intelligent mind flayer put itself in that situation? I'm not sure.
It might plane shift away to save its neck should it come to that.