I have to disagree that a cylinder balance test is better than (or just a replacement for) a conventional cranking compression test.
While a cylinder balance test done under load can identify a cylinder with low output, it isn't specific enough. The low output can be caused by things other than low compression, such as plug, wire, injector, ect. and the results can't always be verified by another tech. I also believe that the information you gain from examining the plugs (oil, rust, ect) is critical to evaluating engine condition, and pain in the butt it may be, it must be done.
Dave