Oh hell no! Paratroopers are easily one of the best units in the game when done right. These are just a few of the things I love doing with these extremely versitile troops:
1. Vise grip: I you drop paratroopers just behind enemy front line, you get an instant 10% flanking bonus on the enemy. That's not so cool right, since the paratrooper cannot attack that turn? Well, drop two paras and attack the enemy with two tanks. You get a 30% flanking bonus and cut off the line of retreat for units in FIVE TILES, and that's if you only use two (for each paratrooper beyond the first add two tiles) ensuring a massacre as the enemy are forced to either continue the assault while being shot in the back, or they have to fight you paratroops after being battered to hell, and will fall swiftly.
2. Stealth conquer: Alright, now what do you so if the enemy are actually in your territory, killing your dudes? Well, you can move the fight back to his land! Simply drop in your paratroops around the nearest border city, and use there sight to spot for bombers. The city and whatever light defenders it may have can't possibly kill all of them, and next turn you can bomb them again before sacking the city, pulling the pressure off your civ or even securing a peace!
3. Leapfrog battle: alright, lets say the enemy is too far to bomb/ strike, and they're still in your land. Now what? Well, the paratrooper is actually quite a compotent defense troop as well, thanks to its teleporting capabilities. Despite their lower combat strength, the paratroops while fortified fight with the strength of an unfortified infantry. This can hold the enemy for some time if you mix them in with your regular ground forces. And, any time your paratroopers are in red health, simply teleport them out of the fray and teleport in a new trooper. This allows you to have a very strong force of weaker units, as your paratroopers will constantly rearm and resupply, acting as a force multiplier.
These are only a few of the awesome tactics you can pull with paratroopers, and the sooner you get them, the better! It does require a lot of thinking outside the box, but I enjoy that, as it represents how paratroopers really fought. I can actually say I was a little disapointed the US didn't have an "Airbourne" UU, replacing the paratrooper.
Ps. Paratroopers are even better in the hands of the US, the incans, and the persians.