I'm going to copy and paste a comment I saw based on Ness's Paralysis ability, I think he explains it better than I.
Paralysis mayor traits are the fact that:
1- It reduces mobility by a big margin. This can be seen in the description of the abilitie, which states that it numbs the body to a degree that dificulties proper movement. In game, when a character gets this status, they can be seen in the overworld barely moving thanks to it.
2- It completly nullifies physical combat. When hit by it, the abilitie to use weapons for face to face combat is destroyed, this can be seen when everyone that gets it by it can't no longer fight with melee attacks and the only way to counter attack is by PSI, attacks that can be only be done with the use of the mind. It also blocks range weapons, as seen as it block people like Jeff from using his guns and bazookas. Basically, everything related to physical weapons or attacks is gone.
3- It blocks the use of equipment. This is probably the biggest treath to Terrarian. When it by hit, characters can no longer access their items to use during the combat. This blocks Jeff from using his rockets, missiles, bombs, and to everyone else, healing items, stats buff and debuff items and even different weapons. It even block them from changing weapons and armor mid fight.
4- Is a status effect that doesn't disappear by time. It will stick until the end of the battle, and whitout healing items or PSI skills, it can't be cured.
Credit to Chrisras for that. Again, PSI= Psychic not Magic, nor a projectile (I think...don't know on that one, so correct me on that)