Typically when folks talk about a balanced outfit they mean matching the rod and the line, e.g. 5 wt line on a 5 wt rod. But, balance in terms of reel size, rod length etc. is also important and is different for everyone. As others have said, some like a heavy reel and some like a lighter reel. As long as it holds the line and backing appropriately and "feels" right for you it is balanced.

I second the Medalist reel. Good reel for the price.

Rick