Aokp has more features than paranoid android ROM though I'm sure if its faster or stabler than since I haven't used paranoid. The only problem I've had/have with aokp is that when I first flashed I didn't have any service, so I backed up, flashed back to midnight ROM v1.2 which I used to s-off, used data for while, then restore my backup, and I got service this time; now the problem I'm currently having is a couple glitches in camera/camcorder but only a couple other people have this issue too, might be hardware version specific. Then I get a occasional random reboot every once in a while, but I'm pretty sure thats just me. Since I never tried paranoid, paranoid may or may not be worse than aokp; but aokp for certain is a lot cooler than paranoid except that you can change how apps look(colors, opacity, etc.) to a greater extent on paranoid.