Just a good length of paracord is great to have at all times if carrying a real climbing rope is not practical. Even though you should not rappel with it normally it could be a life saver in many serious situations even if used just as a guiding line (to better control your natural body balance) at tough spots of the trail.

A friend of mine has died several years ago trying to descend a steep but totally manageable slope on the side of the paved trail in the attempt to reach the little girl fell down (she has been rolling down for less than 100 feet away, was effectively stopped by thin bushes down there, and she was eventually rescued by the park rangers several hours later). The guy probably just bented too much forward and lost the balance and then rolled down for more than 300 feet breaking his neck. A piece of paracord, which elderly parents of the girl could just hold for him from the top, would definitely help him to better control the descent and ascent back. Or, perhaps, they could use the paracord loop to drop it down to the girl, so she don't have to rely on that crop of bushes to hold on.

I'm carrying 100' hunk of 5/32" Samson Amsteel in my hydration pack all the time: http://www.lfsmarineoutdoor.com/samson-amsteel-blue-rope-600-ft-spool.html It's much better than paracord and I would trust it even for climbing.