PAR is like Java's .jar files; .par files contains a zip-compressed folder of a typical blib/ directory, and could be put into @INC, loaded and executed on the fly, as well as turning into stand-alone scripts or executables (aka Perl2Exe or PerlApp).
I just uploaded Version 0.10 which adds support for XS modules.
Its multi-platform support (by having different architecture directories inside the .par file, and loading XS files on the fly) makes it a powerful way to distribute Perl applications, as well as letting multiple versions of a same module to coexist on a system.
Thanks for everybody on magnet #perl that helped me figuring out the magic bits. :-)