Yes, Balance would be able to analyze the Performance Index (how much headroom), partition misalignment and guest memory immediately, which give you a short term view of the VMs performance.
For an longer term view, Balance will be able to see performance patterns and analyze the ESX host performance. If you deploy too many of a certain type of workloads on a few ESX hosts or specific aggregates, Balance will be able to analyze and alert on this. It will also show which parts of the infrastructure are not being heavily used, which helps optimize performance across the virtual clusters and storage.