I think when people say they "miss Paramount," what they truly mean is that they miss when the rides' names still contained film titles, but not much more.
Just from what I've seen here, it appears that a lot of the Paramount-lovers (myself included) were young during their era in the park. As such, I recall The Italian Job being far, far grander than Back Lot Stunt Coaster. Was it? Probably not. But it's what I knew; it's what made me fall in love with Kings Island; and to me, Paramount's Kings Island will always be the "original" Kings Island (others who were here before Paramount will always imagine Taft's Kings Island as the "original," and more rightly so).
Another thing that I try to remember is that, despite our rose-colored, hindsight glasses, Paramount was arguably worse at special effects maintenance than Cedar Fair. Sure they extended themselves to begin with, but had very little interest in upkeep. Cedar Fair scaled Paramount's exorbitant effects on each ride to a smaller, more realistic spectacle much more appropriate for a seasonal park, and actually does work to keep it functioning. The unfortunate part of that is that most of the effects were already dead when Cedar Fair took over, but because they changed the name, many (myself included) naturally tend to associate the dead effects with their arrival. In reality, the were dead before they came at all.
All in all, I agree that the park felt grander and more "epic" and dramatic during Paramount's reign, and I certainly feel that the details are sorely missed (The Paramount Story, the more obscure effects that the rides had in their hey day, etc) but I also recognize that more than likely, Backlot Stunt Coaster might be in worse shape than it is now if it still carried the Italian Job name, and it would be a miracle if Tomb Raider: The Ride was even still standing. Paramount - if they were smart - would've also closed Son of Beast, and eventually even the best of their themed attractions would do as they always had: crumbled to nothing. Winterfest was a last-ditch ploy to sell the park as a year-round destination and not a heartfelt attempt to honor the park's history.
Terpy often says that he doesn't know if the park could've lasted much longer under CBS' leadership. What does that tell you?
Cedar Fair runs the park well, and with the lone exception of special effects maintenance and detail-oriented presentation, I have very few qualms with their ownership of the park. It just so happens that I am a detail-oriented kind of guy, so my initial reaction (like the OP's) was that Cedar Fair sucks because it has The Crypt, Backlot, Flight Deck, etc. where Paramount's Kings Island had TOMB RAIDER, The Italian Job, and Top Gun.