I tried my build with TEXINFO_XS=debug and it states 'XSParagraph.so loaded', so I think it's working well.
If there's no shared libperl, XS module simply uses the symbols exported by the perl binary. I also had a look at debian's perl distribution, it's using shared libperl but the XS modules are not linked against it. I think it's the default behavior under Linux. I don't know much about Windows, however.
