I first saw one in late Spring if I remember right. I got one recently.
As far as I can tell the upper receiver has the front para cut and a para bolt group is added. Then they add a folder where the stock was. Nothing else special about it. Same old kit. It comes with a 16" barrel, not the 18" of the para congo. Happily mine came with a full length screw on gas tube.
I've had one of those para lower kits on backorder for several months now. Not sure how the bolt setup will be since it's meant for a receiver that lacks the para cut.
The para is fun to have, but unless you need a folder so you can carry it in cars or jump out of airplanes with less fuss, there is no reason to prefer it over a full sized stock. If it had a better folder design I would feel differently.