Ahh, good ol Pally...
Likes~ First and foremost I have to go with the Concept. I can not properly express what the concept means to me... but I will give it a shot. Paladins (IMO) are akin to heroic Saints... this is a guy/gal who always does what is Right (IMO, more N/G with Lawful tendencies than L/G), especially in the face of adversity (spelling?). However, it is my view that the paladin concept can be done with any character of any race and/or class.
*Alignment: I love the Alignment restriction of the Class. As the L/G Paladin existed during my formative years, I don't know if this is real love, or just some sort of "stockholme-syndrome".
*Class Features: I dig the Lay on Hands, Divine Grace, and Immunity vs Fear abilities. Of course, these could easily become a trio of Exalted Feats. (IMC: Cloistered Clerics gain Lay on Hands as well as some features from the Healer class from Mini's HB)
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Dislikes~ As I touched upon above, I don't think the paladin truely needs to be a class... anymore than the "assassin" needs to be a (prestige) class. To reiterate, I've never liked "paladin" as a class. To me, its one of those concepts that can only be fleshed out In Character by how the character lives and treats those around him. A bunch of disjointed "class features" just doesn't do it for me. Only a good roleplayer with a solid idea of the concept can pull off a paladin... regardless of what class his character happens to be. YMMV.
Furthermore, IMO, the paladin class is easily replaced by a Cleric with the proper Domains, and perhaps a few Exalted Feats.
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I think I'll alter the Paladin PrC's (UA) prereqs so that a Knight / Cleric makes the best entry to the PrC. (This is for when I run a more standard D&D...)