Generally speaking, I am not a fan of Schwinn's, but Paramounts are very nicely made. Up until the bike boom, they were an excellent value too. Peugeot and Raleigh were both able to offer lighter, top quality bicycles (PX-10 and Professional), in quantity, and for less than the Paramount - starting in earnest in the early '70's. This changed the marketplace, and spelled trouble for Schwinn. Obviously, this didn't make the Paramount any less nice of a bicycle, but it's relative value was somewhat diminished.

Today, I think it is fair to say that a Paramount is a very fine bicycle - arguably the best mass-produced, lugged steel bicycle ever made in America. However, I think that people who insist on saying that it is more than that are guilty of overrating it.