You have to think of Paramo "waterproofs" in a different way. They aren't waterproof in the traditional "keep out the water by blocking it with a membrane" way. Paramo is waterproof in that it actively pushes water to the outside of the fabric. You can put a Paramo hat on your wet head and within a short while your hair is dry. So yes, the fabric will wet out when immersed in water, but pull it out and very quickly the inside (the part against your skin or base layer) is dry again. It is the best wet weather system I have ever used, and far more breathable than any other waterproof system on the market. I never get the sauna effect in them unless it is very warm, and then I find I don't need rainwear (and it is not like the Pertex/Pile systems like Buffalo or Marmot DriClime. Those systems are passive, using your body's heat to move the water. That is why it is not recommended to use the Nikwax Wash-in Direct on PP systems).
Other people keep saying that Paramo is warm, but I have always found it be somewhat cold, not doing very well with thermal retention when the wind is cold. I have to wear an insulating layer underneath my jacket to stay warm at the same temperatures that my old Goretex jacket used to keep me warmer at (I think it has something to do with the thermal retention R-value of the face fabric. If you touch the fabric in cold weather it feels colder than nylon, for instance. It's the same way that, in the same temperature, a stone wall will feel colder than a wooden wall). For that reason I find the Cascada trousers to be just right for colder, Autumn weather, but not warm enough for winter temperatures without a thin base layer underneath. The great thing about the Paramo waterproofs is that you can use them without base layers at all, against the skin, so the jackets become like waterproof shirts, but at the same time can be used as an outer layer over an insulated jacket, or even as a mid layer, with the insulated jacket on the outside. The fabric is soft and pliable enough, without the stiffness of Goretex or eVent fabrics, that the sleeves (or pant legs) can be easily rolled up, so therefore it works well as an all around garment. I find that even during summer rains this is just right to keep me from chilling in the rain. If it gets any warmer than that (as it often does here in Japan) I don't wear any rainwear at all, just allow myself to get soaked and later at a rest stop, don my Paramo and dry myself off that way. It's a great system that most people who haven't used it don't quite get the logic of, I think.