Right now I don't think it's a question of whether or not it's a balanced class (at the very least it fulfills its role as a healer and more). It's more of a question of: how fluid does it feel to play? Dissipation feels like it gives a false choice. 20% healing bonus and 3 aetherflow stacks????. Wow what a great deal!
Well except that you lose more than 20% of your healing power by saccing the fairy and only 3 of your healing abilities are even affected by that increase. It's not like SCH was wanting more emergency healing ability being the best emergency healer in the game already....and right now the extra 3 aetherflow stacks are only needed if you reeeeeeeeeeeeeeeeeeally screw up somewhere.
It's kind of like the debate about Wanderer's Minuet. It's necessary to output enough DPS to warrant your spot in a party, but it also totally changes the way a BRD plays. It could be balanced. Doesn't change the fact that it felt clunky as hell and didn't fit the BRD playstyle.
