I think the Federation does have an advantage over the other races through better weapon arcs, better weapons, shields, armor and numbers. But that is how the Fed's always have been. The romulans advantage is their plasma, up close, you're done. As for Klingons, we are like the French, we crumple at the first signs of fire.
Honestly, I think things are going pretty well in the balance side, from what little I have seen. The biggest issue is numbers, the Klingons and allies just cant field the constant numbers of the Fed's during the day, at night it seems pretty balanced. How will this fair? who knows. In previous campaigns the Klingons have developed much better teamwork then the other races which is what wins us our battles. Unfortunatly it looks as if the Federation and Romulans with their fleets have discovered this finally and it may prove to be our undoing. Anyways, ill be there to fight the oncoming storm. I cant wait for my crew to get a little better and then maybe I will do some real Van Damage.