Thats right, paragraph manipulation is as easy as three keys. I tend to just use 'dip' and 'vip', but there have gotta be other good ones out there...
grip? Rip? darn! No, that doesn't work. Changes you back into insert mode.
cip? okay, yes.
g?ip? Yes, kinda silly though.
'ip' is just inner paragraph. You could do various kinds of inner blocks and quotes.