Ah... another class balance thread, another round of doubleplusunlove for the paladin (curse you 4e for making me into a paladin apologist!).
My paladin currently does his mortal cavorting with an avenger and a sorcerer (after two people swapped PC's after the release of the PHBII). While both new classes have their share of shiny, new, interesting mechanics, of which I-the-player am a little jealous, they don't completely overshadow my lowly paladin.
In fact, I'm not sure they overshadow him at all. He does what he was built to do: take a beating and talk a great game. He dishes a fair amount of damage, does fantastically against undead, and even has a few interesting powers (like Wrath of the Gods).
Once he hits 11th level, he'll take Champion of Order and gain the ability to cripple a single powerful foe, like a good dragon-slayer wannabe should.