There's much more to the Xbox One Elite controller than just the paddles. The controller has a much higher quality feel to it than the normal Xbox One controller, and also allows you to customize the d-pad, analog sticks, how far the trigger presses (useful for shooters), multiple mapping profiles, and there are also a lot of settings you can tinker with by using the accessories app on an Xbox or PC.
I'm glad this accessory exists, and I'll probably get it, but it doesn't sate my desire for an official Sony-made DualShock Elite controller. It doesn't even come close to scratching that itch.