The regulatory nature of non-coding DNA has become one of the hottest, perhaps the hottest, topic on genetics. The number of manuscripts dealing with the regulation of gene expression by microRNAs has exploded in recent years.
Yes indeed, the C-value paradox is a very complex question with no simple answers. There are a number of reasons why eukaryotic organisms have accumulated non-coding DNA. There are duplicated protein-coding genes and tandemly repeated genes, as well as multiple copies of other DNA sequences in the genome, generally referred to as repetitive DNA. Some of these sequences are quite short and occur as tandem repeats; others are much longer and are interspersed at many places in the genome.
So why is all this apparently superfluous DNA tolerated (in the evolutionary sense)? Well, as stated above, it can have a function in gene regulation as well as other identified functions such as attachment of chromatin to sites within the nucleus, and aspects of genome organization. There are almost certainly other not-yet-identified functions. So it is likely that non-coding DNA must be maintained through evolution because without it the cell would be non-viable..
A second possibility is that much non-coding DNA has no function but is tolerated by the genome because there is no selective pressure to get rid of it. Possession of non-coding DNA is neither an advantage nor a disadvantage and so the non-coding DNA is simply propagated along with the coding DNA.