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As James_Miller said, it's not a binary thing. Paleo-style diets are closer -- not identical -- to actual paleolithic diets (compared, say, to SAD).
The point of paleo isn't really to pretend to be a caveman though reading some promotional materials will give you that idea. The point is to get rid of food which the humans have encountered only recently in evolutionary terms.
Paleo certainly doesn't go all the way (for one thing you'd have to exclude pretty much all cultivated fruits to start with), but makes a step, and it's debatable how big of a step, in that direction.