Paragon Path
Paragon Paths were a game mechanic introduced into the fourth edition of Dungeons & Dragons, replacing the concept of Prestige classes used in the previous edition. Whereas PrCs were optional sub-classes that you could take to make your character more powerful, Paragon Paths are effectively mandatory. You take a Paragon path at level 11, and it bolsters you from there to level 20 -- its next tier equivalent is the Epic Destiny.
Paragon Paths follow pretty standard motifs; they give two abilities at level 11, one passive and one triggered by spending an action point, and gain a third passive ability at level 16. They also gain an Encounter power at level 11, a Utility power at level 12, and a Daily power at level 20. There are exceptions, of course, but it's fairly standardized, easy-to-follow stuff.
Paragon Paths are generally sorted by class, but there are also a bevvy of racial paragon paths, and a few that are more open in membership.
Class-based Paragon Paths
Ardent
Avenger
Barbarian
Bard
Battlemind
Cleric
Angelic Avenger
You get to take on the aspect of angels, making you a much more deadly fighter. Angelic Action gives you a damage bonus when you spend an action point, Astral Vibrance lets you select Lightning, Radiance or Thunder at level 11 and deal that kind of damage to any bloodied enemy who gets too close, Weapon Training gives you free proficiency with a Heavy Blade type weapon, and Blood & Radiance means that any enemy that bloodies you is made easier to hit until the next turn. For powers, you get Astral Wave (a blast of damage based on your Astral Vibrance), Angelic Presence (scare the shit out of enemies for the rest of the encounter or until you get bloodied) and Angel Ascendant (smack someone for quintuple your normal weapon damage and gain the ability to fly for the rest of the fight).
Divine Oracle
Because of your divine connections, you're a prophet in the literal sense, making you capable of telling the future. In crunch, this means you can't be surprised (nor can any allies close by), you get to roll twice for your initiative, you get an extra move action when you burn an action point, and you get to roll twice when attacking against Will. For powers, you get Prophecy of Doom (bestow a free critical hit on a nearby target), Good Omens (you and any ally within 10 squares gets +5 to all D20 rolls for the next turn, but at the cost of being unable to inflict critical hits), and Hammer of Fate (big attack vs. Will, but if you miss, then you get to turn back time to before you used the power, at the cost of not being able to use this power again until the next encounter).
Radiant Servant
This is what you want if you're trying to play the Laser Cleric. You want to burn shit up with your beams of holy light, you take this fucker right here. Better chance of scoring critical hits with radiant powers, fry an enemy with ongoing radiant damage when you burn an action point, and undead & demons have a harder time shaking off your nasty mojo. For powers, you can disintegrate everybody around you with Solar Wrath, make a zone of holy light that heals your friends and fries undead & demons with Healing Sun, or shoot an enemy with a laser so strong that it then explodes into more lasers with Radiant Brilliance.
Warpriest
The blunt instrument of the PHB Cleric paths, this is for Clerics who know what they want; to get up in somebody's face, crushing skulls and ripping off balls and generally kicking ass for the lord. You deal more damage after using an action point, you can call for a reroll of a missed melee/close attack once per encounter, you get +1 to AC when wearing heavy armor, and you get a pseudo-marking ability that lets you stand in as a Defender. For powers, you get Battle Cry (smack a foe and let you & your buddies use a healing surge), Battle Favor (1/day you can regain HP as per two healing surges or recover a spent daily power by landing a critical hit) and Battle Pyres (zap all the fuckers around you, and then keep on zapping them with super-lasers until they shake off the divine target lock).
Druid
Fighter
Iron Vanguard
You specialise in taking a beating and being the last man standing. Heal hitpoints when you drop a foe, spend an action point for boosted defense or to take an action before falling unconcious at zero HP, and damage anyone you knock prone or push back. Naturally, its powers revolve around smashing enemies back with the weight of your body.
Kensei
Your basic samurai-inspired weapon master, with features revolving around getting suped-up benefits from a single specialty weapon of yours. You can strike for double damage with a Masterstroke, decrease incoming damage with Ultimate Parry, or zip across the battlefield hacking down up to three foes at once with Weaponsoul Dance.
Pit Fighter
Specializing in surviving no matter the odds, a Pit Fighter is a blunt and brutal opponent. For features, you get increased AC bonus, super-charge your damage when you burn an action point, and a general boost to damage. For powers, you get All Bets Are Off (hit the same target twice in a row), Deadly Payback (gain a temporary bonus to attack and damage against the last person to damage you), and Lion of Battle (quadruple damage and, if you drop your target, you can potentially spook all enemies nearby).
Swordmaster
Your basic Swashbuckler type paragon path. Quick, agile, and an expert with light or heavy blades. You get a bonus to AC and Reflex when you spend an action point, you can use the Containing Strike and Reaping Strike powers when you charge, and a critical hit with a light/heavy blade restores a depleted fighter encounter power. Precision Cut lets you strike for triple damage, Fantastic Flourish lets you mark a nearby enemy after you strike one, and Crescendo Sword lets you strike all the enemies next to you; hitting even one restores a depleted daily power, whilst missing still gives you back an encounter power.
Invoker
Monk
Paladin
Astral Weapon
You swear yourself totally to your god, becoming their avatar of wrath and vengeance upon the battlefield. Astral Judgment makes your mark more effective by penalizing defenses, Astral Rejuvenation Action lets you burn an action point to restore a paladin encounter power, and Courage From On High gives you a +2 bonus to saving throws against fear. For powers, you get Carving A Path Of Light (double damage melee strike, enemies adjacent to you give combat advantage for a turn), Pray For More (you can reroll the damage of one of your attacks once per encounter), and Astral Whirlwind (slash every enemy around you for double damage and penalized defenses, 50% chance you don't expend the power if you succeed in killing someone with it).
Champion of Order
Attempting to emphasize the Lawful Good tradition of paladins without, you know, being a lawful stupid twat, your Champion's Action means you inflict a penalty on enemy defenses if you spend an action point, In Defense of Order lets you get opportunity attacks against marked targets that don't attack you and also means you do +2D6 radiant damage against demons and elementals, and Champion's Hammer lets you ignore the resistances of demons and elementals. For powers, you get Certain Justice (smack a target and, if it was marked, you make them weak and dazed until the mark is removed), None Shall Pass (once per day, you can mark 2 enemies with Divine Challenge until the encounter ends) and Rule of Order (quadruple damage, push and weaken the target on a hit, normal damage and weaken on a miss, +2 to attack roll and +2D10 radiant damage if target has dealt a critical hit to you or an ally during this encounter).
Hospitaler
Dabbling in the Leader role, the Hospitaler is a paladin who develops a knack for healing. Hospitaler's Blessing means that marked enemies actually heal your allies if they try to attack them, Hospitaler's Action means that you heal allies close by whenever you burn an action point, and Hospitaler's Care boosts the health restored by your Lay On Hands ability. For powers, you get Warding Blow (attack a marked enemy for double damage and let your allies make a saving throw), Healing Font (once per day, bolster yourself for the encounter so that you can freely heal an ally whenever you hit an enemy), and Life-Giving Smite (strike a foe for quadruple your weapon's damage in radiant damage, then let an ally spend a healing surge).
Justicar
Trying to live up to the "knight who crusades for justice" part of the paladin theme, the Justicar gets Just Action (weaken adjacent enemies when you spend an action point), Just Spirit (adjacent allies get a free saving throw reroll each turn), and Just Shelter (adjacent allies are immune to fear, immune to charm, and get +1 to saving throws). For attacks, they can use Just Radiance (sear all marked enemies in a close burst for radiant damage and lock them into attacking you), Strike Me Instead (you can force an enemy's attack to miss a nearby ally, at the cost of being hit by it yourself, once per day) and Challenge The Unjust (huge burst of radiant damage and temporarily marking).
Psion
Ranger
Battlefield Archer
Beaststalker
Pathfinder
Stormwarden
Rogue
Cat Burglar
Daggermaster
Master Infiltrator
Shadow Assassin
Runepriest
Seeker
Shaman
Sorcerer
Swordmage
Warden
Warlock
Doomsayer
Feytouched
Life-Stealer
Warlord
Battle Captain
Specializing in inspiring his party to get the best out of them, the Battle Captain path makes your warlord better at bolstering their allies with its features, whilst still capable of cracking skulls with its powers. Burn an action point to give all allies within sight + hearing range boosted attack rolls (Battle Action), you and your allies have a bonus to attack rolls on the first turn of combat (Cry Havoc), and your Inspiring Word power boosts attack rolls and speed when you use it (Battle Inspiration). For powers, you can either knock a group of enemies flying with Force Retreat, restore an ally's spent encounter power with Bolt of Genius, or smack the skulls of every enemy next to you with Cunning Flurry.
Combat Veteran
An experienced warrior who inspires through his talents at surviving whatever his enemies may throw at him, and the knowledge he can provide to those willing to listen. Shift an ally by burning an action point (Combat Veteran's Action), +1 healing surge and heal more when you spend one (Tough as Nails), and grant an ally a saving throw in addition to health when you use Inspiring Word (Battle Healer). You can daze a foe and knock them towards your ally with Skirmish Ploy, give all your allies combat advantage against an attacker who misses you with Miss Me Once, and smack an enemy whilst giving an ally an extra action point with Superior Tactics.
Knight Commander
Specializing in leading from the front, the Knight Commander is all about leading the charge and getting up close and personal, requiring that you have proficiency with Heavy Armor to take it. Adjacent allies get an attack roll boost (Honor and Glory), burn an action point to give higher defenses to all your allies (Knight Commander's Action), and increase the damage your allies do when making opportunity attacks whilst close to you (Press of Arms). You can use Slash and Press to hit a foe for triple damage and then knock all foes adjacent to you back, use Break Their Nerve to mark an enemy, or Control the Field to hit a foe and inflict marking + ongoing damage on all enemies close by.
Sword Marshal
Focused on carving through the ranks of enemies, this path requires proficiency with the Heavy Blade category of weapons, and all of its powers and features key off of your using one. If you get a damage boost against targets you initially missed (Disciplined Blade), you can spend an action point to regain a spent encounter power (Sword Marshal's Action), and scoring a critical hit grants you and your allies combat advantage against the enemy you hit (Skewer the Weak). For powers, you can strike at two foes with Blade Flurry, use Sword Marshal's Boon to share in a power that normally only affects allies, and by using Diamond Blade of Victory, you gain bonus damage based on how many allies you have nearby.
Wizard
Battle Mage
The closest that early 4e wizard had to the old Evoker specialization, a Battle Mage focuses on blowing shit up. For features, you get Arcane Riposte (you can hit a foe with an opportunity attack that deals cold, fire, force or lightning damage) and Battle Mage Action (huge bonus to attack rolls when you burn an action point) at level 11, and Battle Edge (the first time you get bloodied, you can use an At-Will power as an immediate reaction) at level 16. FOr powers, you get Forceful Retort (burst of damage that knocks your enemies back and to the ground), Arcane Rejuvenation (heal yourself the first time you get dropped to zero HP) and Closing Spell (blast a sizable area for cold, fire, lightning or thunder damage; vanilla damage is 3D10, but it increases to 8D10 if this is the last daily spell you can cast).
Blood Mage
By tapping into the power of their own blood, a blood mage becomes a source of pain for their enemies. Your level 11 featuers are Blood Action (an action point-fuelled attack does ongoing damage) and Bolstering Blood (take up to 2D10 damage whilst using a spell to inflict that much extra psychic damage on the spell's targets), whilstl at level 16 you get Burning Blood (inflict psychic damage and ongoing fire damage on any enemies within 10 squares when you use your second wind). Blood Pulse is an encounter power that splatters a burst across a distant area, causing damage and making the victims take more damage as they move. Soul Burn is a daily utility power that lets you spend a healing surge to restore a spent encounter power. Destructive Salutation is an extremely powerful ranged burst of psychic and ongoing psychic damage.
Spellstorm Mage
Trying to channel the power of raw magic, a Spellstorm Mage gets extra damage to its attacks after using an action point (Extra Damage Action), can make a Wisdom check once per day to recover a random encounter or daily spell with its Storm Spell feature, and the first time they get bloodied, they unleash their Storm Fury and zap all their enemies for lightning damage. Storm Cage is a spell that blasts an area with thunder & lightning before forming a temporary cage that electrocutes anyone who tries to escape. Sudden Storm is a sustainable utility power that lets the wizard conjure up a violent storm to create difficult terrain, and Malestrom of Chaos is a huge burst of force damage and enemy teleportation.
Wizard of the Spiral Tower
An attempt to do a gish class in PHB1, this would later be surpassed by the Swordmage class. For features, you get to use a Longsword as an implement of your choice (Corellon's Implement), Spiral Tower Action lets you burn an action point to regain a spent encounter power, and Radiant Censure makes enemies take radiant damage if they try and attack your Will. For spells, you get the One Sword (strike with your sword for double damage, and on a successful secondary attack you daze them and don't expend the spell), Shape the Dream (nullify an attack vs. Will once per day) and Corellon's Blade (strike all close-by enemies for triple sword damage and teleport them out of your way for a turn).