Dont be worried about a high level parasaur being that a simple level 15 will tame up in 20 minutes or so. The tame can be leveled up quickly while berry picking. It can really be a helpful mount when moving location that it can carry a lot of weight.
When you encounter an opposing parausar it can often alert the other player that you are near him giving up your location, same as if you had one tamed up.
It make funny noices and just like some of the other comments it really does make a great friend.
First starting in Scorched earth after the downfall of my Center server I brought my lvl 191 parasaur with me. Finally found a base location and as I run to grab water what happens? Gator grabs me,destroys me. Level 125. Needless to say I ran back to get my bag and get the saddle off my parasaur, but as I arrive what do I see?! My bloody parasaur with the Sun behind him, Sun glistening off the blood as he stands victorious over the gator guarding my bag, and waiting for me. Moral of the story, Parasaur is life.
Honestly, the parasaur is one of the best games in this game, not to mention it is a low level and easy tame to start off with. It will carry you from birth to death in this game, I highly recommend. Plus, only upgrade movement speed, trust me it's the best way.
I had 4 War Parasaurs nothing special, just 4 lvl 230 parasuar my tribe hated me having them I hade like 12 parasuars all above +230 and my tribe said go kill them so I said I'll attach a Alpha Carno.... They killed it... and then I went after a lvl 85 Rex... they destroyed it... But I can say 4 parasaurs cant kill a pack of allos, parasuars are really OP in packs.