Calling the Paul's guitar the 'Ultimate' PRS is too much in my opinion. I think its a very good model at best and offers something similar but different to the PRS 594 with the Paul's falling more towards the 'traditional' PRS spec but ultimately offers very similar options - different tonality of course. I don't know how flexible the Paul's is with different tunings for example with that non-adjustable bridge compared to other models. Its still a double humbucker guitar that has great and usable individual coil splitting options - like the 594, Custom 24-08 and 408.
I would think though that the 'Ultimate' PRS is most likely the Modern Eagle V. So much versatility and even a Trem bridge to add extra functionality if you want to use it. I think the MEv would cover you for far more situations, styles/genres, tones etc than the Paul's - offering everything the Paul's offers and a lot more too.
I think the Paul's is a great guitar but its also on a par with the other Core models. Its personal preference as to whether you prefer the Paul's or a 594, Custom 22, Custom 24 or any variations of these (Piezo, 08, Floyd) etc which is why I don't think its the 'Ultimate'. If you need a trem for example and/or something that can go from Gibson LP type to 3 SC (inc the middle PU for the 2, 3, 4 positions) Strat type tones then a Paul's isn't going to offer all that in one. The only guitar that could replace all (or at least the majority) of your PRS collection is the MEv so it has to be the Ultimate PRS...