It's "apples to apples" as long as you stick to core. . .we've already established that if you toss the right option or 3 on them, paladins get quite nasty, semis in general get quite nasty. . .but minus said options, they're not nearly all that. . . .they can't quite afford to be, at least not until higher levels.
Paladin can't match a figher in fighting skills if they spend the DP on magic, and if they spend DP on magic they can't afford to keep up with the fighter on skills. . .and the spells don't start to really rock until midtown levels. . . .They do surpass a fighter in fighting ability at higher levels, but then, a semi kind of works that way, slow start, high finish.
I suspect the armor and spellcasting note in the front of RoCo1 was directed toward paladins and rangers mostly, but definitely at paladins.
I did actually play with most of my paladins running around in rigid leather though, the skills you could purchase with the DP saved on MIA and Transcendance usually ended up coming in handy.