I have had the chance to play two paladins with my long running group, one was our last 2e campaign and the other was in the campaign we wrapped up at Gen-Con two years back. Both times, and I guess all times, I have been blessed with an awesome DM.
I will say that aside from just general role-playing of the characters the 3e paladin I played was much more dynamic in his abilities, not to take anything away from my 2e character. I have found myself more and more excited at the prospect of playing a paladin again with the upcoming 4e.
Although I am far from the holiest or most devout person I know, that’s why its called role-play right, I really like the idea of holding myself to higher ideals than those around me, I never played my character as preachy, well may with Taloneer (2e) but never with Fendar (3e), but with a strict moral code that I not only held myself to but also my companions. Some of the best times in those games were when the party wanted to something in conflict with my character. Paladins are great role-playing opportunities, and the only drawback I can see to this, and it’s not much of one really, is the LG restriction is gone. I like the idea of an evil deity having a holy warrior, but is it really a paladin? I don't know.
From reading the above posts I hope wizards have implemented just half the ideas you guys have to make the paladin cool and righteous. I am one of those on here that can't wait to tear though the PHB and get a 4e game started. My group will be finishing our last 3.5 campaign at Gen-Con this year so we will have plenty of time to read and try to grasp the new rule set before we dive in head first.
Anyway the point of all that rambling was to say I too hope the paladin comes off as an awesome class to play, not that I ever thought otherwise, and isn't nerfed to nothing.