for long life, best capacity, and total assurance a balance charger is money in the bank , if your cells are cheap , well then its more nessisary cause the cheap ones will do more things to fall out of capacity
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but 4 cell protection ONLY that connects to all the cells using center tap methods, OR 4 protected cells in the pack, is sufficent to prevent danger, and will keep the cells in spec, just not balanced. so its still SAFE.
price of balancing is getting cheaper and cheaper, you can get a 4 cell charger that does some sort of balancing for less than 100$ now .
and if your a real chepskate (like me) you can just seperate the cells and balance them, or use 4 cheap chargers that stay in spec, connect it up manually or make up a connection.
you could seperate them and balance them only as needed, too, as opposed to EVERY charge.
getting out of balance occurs over much time, unlike ni-mhy and ni-cd, li-ion can not be overcharged slowly to balance out the cells on charging. so without it, in TIME they WILL get wacked, protection doesnt prevent it, and there is nothing to balance without it.
so you CAN get away with it, and everything will seem peachy and fine, then things start getting bad.