"However, I have never used Paramo and thus I can't comment intelligently on it, but I understand that it is heavy and hot and best used specifically in cold/wet conditions."
The first part depends. If you buy a full Paramo jacket, it's going to be somewhat heavy to downright heavy though Paramo is slowly but surely changing that. However, i have a Nikwax Analogy pump liner from Cioch, that weighs 8.4 oz. I already have a Houdini Wind shirt that weighs a little over 4 oz. Combine the two, and we're only talking about 12 and a half ounces for a flexible, adaptable system that will work well in most conditions (except warm weather, or in particularly hard driving rain).
I also have a Stoic Vaporshell jacket, which is actually heavier than the combination of the above. Sure, it will be cooler though and more suited to those 50 to 70 degree range.
That's one of the problems with the Paramo type system is that it runs warm, since the Pump liner is basically a lighweight, thinnish sort of fleece (well, pile on one side, smooth on the other) and you're combing it with a windshirt outer layer, so two layers will be warmer than an equal thickness of one layer (traps more air potentially). However, i think some people are a little too obsessed with staying dry. Who really needs to stay perfectly dry when it's 70 to 90 degrees out? My philosophy, is get almost nekked and let self get wet but stay very active while same (and eating thermogenic foods). Or, use thin polypro shirt and very thin, lightweight nylon shorts (like some of the running shorts) or thin polypro baselyaer pants. If temps start to dip, these fabrics will dry quite quick from body heat. (then layer and protect accordingly).
Also, i'm working on ways to minimize the warmth of the paramo type system. One way is wearing a fishnet baselayer, which when you get the chance, you can dump more hot humid air quickly, cooling you down quickly. (pit zips would be awesome for this, but i'm a little hesitant to cut into my Houdini).
But essentially you and others are right, there is no perfect system. I'm near convinced that UHMWPE fibers holds a key to a revolutionary WPB system, but there are kinks to work out with this material. One is that it is so slippery, that it's difficult to weave or knit it like other fibers and have it stay together without coatings (which add weight and reduce breath-ability and potentially change the hydrophobic levels). Something that i would like answered, is how much strength does this material loose when it's melted slightly (i know it loses some)? If it's still strong after, but not crazy strong like it is under ideal conditions (e.g. dyneema cord that hasn't been heated at all) , it just might work well with either spun bonding it like with certain tyveks, or layering like two super thin, but tight weaved fabrics and bonding them via a calendaring type process (rollers that exert a lot of pressure and are heated).
Also, another variable i don't know much about is how the material handles oils. If it's at all oil attracting, it will developed issues like some of the more traditional WPB technology does. Since it's so hydrophobic in nature, it will be hard to wash well. It may be that UHMWPE fibers may only be a good outer shell solution, while still using a more traditional membrane (whether Goretex, eVent, Neoshell) or Paramo type system. Super light weight, no DWR coating needed (because SO slippery and hydrophobic), and near bombproof. Just have to deal with the breathability of the membranes used, or in the case of Paramo still having issues with hard driving rain.
Another benefit of UHMWPE fibers and material is how thermally conductive the material is. Heat passes through this material very easily and quickly. Amazingly so.
However, apparently i'm the only one who takes it seriously at all.