Sorry for editing while you were quoting. Looks like it all turned out OK in the end.
I really, really don't care about balance as a player, and I don't think it's a critical thing as a DM either.
For example, I had a new player start as a 1st level character in a campaign where other players have 3rd-4th (in 3.5e). He's having a blast, because (a) D&D is fun, (b) he has good armor, good hit points and saves (paladin), and a +1 magic sword because I made sure he wouldn't die too easily, (c) the character is the most effective one in the party at the role of his character class (meatshield in this case) and is appreciated for it, and (d) the players are all friends and play as a team, not PvP or one-ups-man-ship.
This certainly wouldn't work for every group, but it works for every group I've ever run. I always have the rule that new characters either (a) start at 1st level, (b) start at 1st level with an ECL for a more powerful race (an option rarely used) up to the average party level, or (c) take over an NPC who already exists in the campaign, with whatever stuff and connections to the world and the PC's that the NPC had (a very popular choice, even if it means just a 1st level NPC with a story).
No one has ever complained about this being unfair or unbalanced, but it is oh so unbalanced by the discussions here. <shrug>