Paxos and the W+R>N quorum try to solve slightly different problems. Paxos is usually described as a way to replicate a state machine, but in fact it is more of a distributed log: each item written to the log gets an index, and the different servers eventually hold the same log items + their index. (Replicated state machine can be achieved by writing to the log the inputs to the state machine and each server replays the state machine on the agreed inputs according to their index). You can read more about Paxos in a blog post I wrote here.
The W+R>N quorum solves the problem of sharing a single value among multiple servers. In the academia it is called "shared register". A shared register has two operations: read and write, where we expect the read to return the value of the previous write.
So, Paxos and the W+R>N quorum live in different domains, and have different properties (e.g., Paxos saves an ordered list of items). However, Paxos can be used to implement a shared register, and a W+R>N quorum can be used to implement a distributed log (although, very inefficiently).
Saying all the above, sometimes the W+R>N quorums aren't implemented in their "fully robust" way, as it will require more than one communication round. Thus, in systems that want low latency, it is possible that their implementation of W+R>N quorums provide weaker properties (e.g., conflicting values can co exist).
To sum up, theoretically, Paxos and the W+R>N can achieve the same goals. Practically, it would be very inefficient, and each one is better for something slightly different. Even more practically, W+R>N isn't always implemented fully, thus scarifying some consistency properties for speed.
Update: Paxos supports a very general failure model: messages can be dropped, nodes can crash and restart. The W+R>N quorum scheme has dfferent implementations, many of which assume less general failures. So, the difference between the two also depends on the assumption on the possible failures that are supported.