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Thanks,
dan
W3C - Getting Started with HTML - The Basics [w3.org]
I would think the <p> tags do play a role in SEO. Not for ranking purposes, but for how the spider parses content. <p> tags are used to separate content. Maybe someone with a little more spider knowledge can jump in here and confirm my suspicions on parsing.
In my book of equivalents once CSS is used throughout the page:
<p> = <br><br>
Never ever and under no circumstances will a paragraph element will ever be equal to two line break elements. HTML is a markup language. It is used to markup the structure of documents. A paragraph is a totally different entity than two line breaks. IMHO you should not even use a line break at all. It is not really structural markup.
Andreas