Nah. It's impossible to completely balance any system. WMH has very little power disparity between the factions. We're talking like 5%. Every faction has strengths and weaknesses.
Some casters are better than others. Comparing Rhyas to eDenny is like comparing eShade to Saeyrn.
On a faction vs. faction level, PP really does put in a lot of effort to provide us with a viable tournament system and it shows.