Yeah - I've seen it work plenty of times. The thing is it goes off of ranks on each side so higher ranked fellas are more apt to be moved over lower ones.
Currently EA has only set it to work after the round ends, it does not autobalance during play. Hopefully a plug-in will be created that'll allow for on the fly balancing, or at least set team caps to 16 so a 16v16 game cannot have someone switch and stack.
Yeah, I think that we don't really need balancing in-game, as long as it's not 24 vs. 8