Dan Midwood has posted an excellent animated paredit guide. The post consists of animated gifs and supporting text. Midwood's experience mirrors mine. For a long time he used only the most basic paredit features but then decided to optimize his workflow by learning a few more paredit commands.
He mentions that because paredit works by maintaining a syntactically correct source tree, it often happens that it becomes seemingly impossible to edit the text and beginners just give up and go away. This certainly happened to me but I don't feel bad because even the formidable Magnar Sveen had problems learning paredit. Once you get over the initial hurdles, though, you won't want to live without it.
Midwood's post tries to take you a little further than just the basics so that you can make even better use of paredit. My only complaint is that the gifs speed by and you have to watch them several times to see what's going on. On the other hand, the keystrokes are displayed, which makes things easier to follow. This is a really useful post and if you use paredit or think you might want to, you should definitely check it out.