I'd just like to echo Gavin's sentiments. I've only been looking at Paradox for the past day or so, but so far it feels like everything I want in a C#-targeted game engine. The "game studio" front end is very similar in nature to UE4, albeit at a much, much earlier stage of development; it's basically a proxy for File->New Solution that you'd use in Visual Studio; it creates the solution and platform-targeted projects, which you then open in Visual Studio and get to work. It doesn't generate masses of boilerplate code which is awesome as I wanted something that felt somewhat minimal when starting from scratch. On top of that the game studio basically provides an asset manager and compiler, and when you make changes, Visual Studio detects the file changes and prompts you to reload the affected files, which makes the whole process pretty clean. The solution and project format is pretty reminiscent of the way Xamarin projects work; you have a core project and then a targeted project for each platform you want to support. Internally the API shares a lot of similarities with MonoGame, and provides very easy APIs for handling both 2D and 3D rendering. The team seems really active in developing the engine too. All in all, quite impressed.
Regarding the licensing discussions, my understanding is that if you want to modify the engine itself, then yeah you have to contribute those changes back to the engine, which is fair enough seeing as you're using it for free. However if you use their signed binaries, which really is the default way of working with Paradox anyway, then you have no obligation to share your code with anyone, whether your project is commercial or non-commercial.