There's zero base to say the game is balanced, or imbalanced conclusively without any extensive data from tournaments, or experience with a variety of high level weapons.
Ahhh, I was thinking something entirely different. The problem I had with this game was the weapon value and weapon fusion system.
High weapon value always would trump your lower weapon value. So, even if you did have the better skill, the better weapon would almost always trump you about 9/10 times. It becomes even more frustrating when you know your dodging and tacts are just better than your foes, but that one lucky shot takes you down. A 9/10 chance of you dying irregardless of player skill, but based on your weapon? You lose all competitiveness.
It becomes difficult to become competitive unless you invest hours in learning the weapon fusion system, and also spending hours just to get that weapon right. It is a nightmare, and is not fun. Why should I waste time on something so tedious, just to be competitive? Sorry, but I have better things to do.
I believe that the weapons themselves are balanced well enough, expect that certain abilities can make certain weapons a bit . . . frustrating at times. But that is more bearable than people with less skill using a weapon as a crutch. Being better than me is one thing, but beating me just because your weapon can eliminate my health in a couple of lucky shots is another. (If I can dodge your shots with ease, and you eat my shots as of they were candy,and then you beat me when I run out of stamina or out of the hundreds of shots that you were firing at me, that one, fatal blow hits, I think there is a problem there. For me anyways.)
Sorry if this post was long, but I just wanted to show you what I believe killed the multi player for me.