Balance charging (a feature thus far found only hobby chargers) is able to monitor the voltage of each cell and manages the charge of each individual battery that is charged in series through the means of balancing leads. What it does is to ensure that no individual cell is overcharged by actually discharging any that exceeds the preset limit (and this can vary depending on the chemistry of the batteries in question). It's a bit heavy to go over in a reply so just do a search for balance charging and you can read up on it.
For the record, there is NO balance charging on the SPARK SP6. The charger plugs to the end of the light and charges all 6 cells in series. As such, there is a potential for each cell to be mismatched. The easiest way to understand this is to think in terms of resting voltage not matching between all cells; ie: you can end up with 3 cells at 4.19 and 3 cells at 4.21 as a simple example OR you can end up with any combination of under/over charge for each cell as long as it equals to 25.2V (or whatever is the terminating voltage that the charger is programmed at - I don't know yet since I haven't graphed the charging algo yet). This typically happens as cells age and their internal resistance builds up thus the cells with higher resistance takes longer to charge thus staying lower in voltage while those with lower resistance charge more quickly and thus are prone to overcharging. It's a bit ironic that the one bad cell will actually be safe from overdischarging in this scenario while the healthy cells will take a hit.
So let's say that of 6 cells, 5 are identical in IR and 1 is a bad cell with pretty high IR. Now imagine a scenario where by the time the 5 healthy cells reach 4.2v each (for total of 21v) the bad cell is just at 3.9v thus representing a total of 24.9v. Now let's say that the charger has been programmed to terminate at 25.2v exactly, so the charger at this point will continue to charge all cells since it's programmed for just that and isn't aware of what each cell is at. To make things easy, let's pretend that it'll continue to charge all 6 cells equally to reach 25.2v so that means each cell will get an additonal .05v at which point you now have 5 cells at 4.25v and that one bad cell at 3.95v for a total of 25.2v. Again, as far as the charger is concerned, it's done its job and will terminate charging regardless of what each cell may be at. While 4.25 is overcharged, it's actually still within specs for many cells (which typically state 4.2 +/- .05V). However, now imagine that there were actually 5 bad cells and a single good cell, you can imagine how fast that single cell would fill up and be overcharged badly leading to very undersirable outcomes! This is the potential danger of charging batteries in series without a balancer.
What the use of protected cells will do is that each cell features a protection circuit that will trip in the event the cell is over-charged/discharged. Since each cell features this circuit, you basically have six times the safety redundancy in the event one of these cells has a faulty/bad circuit.
This is why SPARK chose to pick 6 "matched" cells (again, note my caveat in previous reply) of the same type and brand since IR typically has less variation. However, while these Panasonic cells are indeed good quality, they are not protected cells (they lack a protection circuit). They do however feature a PTC thermistor (strangely the spec sheets directly on Panny's site doesn't mention this but I found
this one that does) which provides a mechanical safety in the event of high current surge or temperatures.
Please read this great article on Battery University for a full explanation of the safety considerations when using Li-Ion cells (or just pop over to the Electronics sub-forum for many great detailed threads):
http://batteryuniversity.com/learn/article/lithium_ion_safety_concerns
In the end, since I'm typically risk averse, I usually like to use protected cells in my lights. However, I ALWAYS check the individual voltage of cells after charging (regardless protected or not) thus do not have any concerns with using unprotected cells as well especially when they are new since the likelihood of them being unbalanced is very low.
I have now run the Panny cells through two cycles and both time all cells were 4.20 (+/- .01) after charging regardless that their ending voltage were not all the same after runtime testing.
However, as they say, YMMV so you'll need to make your own judgement call on whether you feel comfortable/safe using non-protected cells as well as the included charger.
Cheers,
Tim