Those looking to the Japanese end might be disappointed, since far more often than not, the official guides continue the archaic trend of leaving the last boss for you to conquer on your own. You're usually pretty lucky if you get a brief description or a few attack names. Neither Japanese X8 guide I own has info about the Paradise Lost move.
However, the English BradyGames guide says this about it:
"His desperation move, Paradise Lost, is Lumine's most lethal move, yet it doesn't actually do any damage. Instead, it rips open a hole in the dimensional walls and begins a timer; you have thirty seconds to finish Lumine off, or else the dimensional rift closes... and it's goodnight."
I can't speak whether it is an 100% accurate interpretation of the move, although it is fact that Capcom supplied some official materials for the Brady Guides (but where is the line drawn?), and for the most part, the names of the boss' moves and such line up with the Japanese guides. But Greg Sepelak does incorporate his own fanon into the mix with his guides, so whether that was the official move explanation or just an educated guess, might not be clear until Rockman X Compendium vol 2 comes around. Although, it's also quite possible that info and strategies for the final boss battle were included in some Japanese gaming mag from 2004...