Survivor your post is pretty much my own personal feel of the game too, I did write the OP with my tounge in my cheek, in fact the only thing that needs to be balanced, is adding some slightly larger balls to the light armour suit *G*
I find Tremulous exceptionally well balanced, other games, like CSS for example, have almost identical weapons and armours, making the balance quite narrow, Trem is completely unbalanced in that respect, aliens totally and completely rule S1 (1 vs 1), but when humans reach S2, they become the new power in the game (with a little teamplay), and humans usually reach S3 before the bugs, empowering them even further with the battlesuit, but then aliens hit S3, and the balance is almost restored again, S3 aliens are pretty scary

Sad thing is, humans CAN dominate S1 in 2 different ways:
1. Moving together.
2. Sitting on the turrets untill S2, letting the turrets get most kills.
Some of the really good players, like Orc, Norf and so on, can do number 1 solo, since their aim make up for several teammates

So Tremulous balance is like a huge rubber band, bending and stretching far and wide during the course of a game, in contrast to regular FPS games, where balance usually is a thin white line, but to quote a fantastic movie "the white line is in the middle of the road, it's the worst place to drive"
But after all that is said, then it still bores the crap out of me when the humans stay boxed in untill S3, I cant count the number of times I have gone to spectator mode, or gone to read forums, and then rejoined the game when humans finally reach S3.