I think with account wide paragon levels they mean that the exp you get from playing with a P100 character will transfer over to some kind of buffer that you can distribute to other characters on your account. That would make sense - making all your characters P100 wouldn't really. What would be the fun of that?
They didn't miss the launch window for the new consoles because of any obsession with quality - they missed it for the same reason they shipped a mediocre game, never really made PVP, and will be lucky to ship an expansion in under two years.
But this is inevitable when a corporate culture spends a dozen years moving away from actual focus on their products and promotes people based on their ability to play politics.