Do Warhammer Fantasy Battle Tournaments need balancing or is it a bad idea ?

The rules were quite strict and their purpose obviously to address imbalances that the writer or tournament organisers perceived between the various army books. I was intrigued and it actually gave me pause for thought.

Does it simply create a more level playing field, does it take something from the game or does it do both ? Would I prefer such tournaments or rather plan my attacks around the existing unchanged army book rules that I'm familiar and comfortable with ? Indeed, would it add to the game if I was having to adapt to some new enemies and possibly change my preferred army lists to cater for the restrictions ?
To be frank, it's a tough one. I have had my bad experiences with certain magic items and special characters but it usually just motivates me to find a better way to handle them and leaves me thinking that I was a bit dumb to approach a battle in the way I did. I have also been on the winning side when my opponent is no doubt thinking the same or... is he thinking, "that unit/weapon/rule is broken and I wish we had banned it before the game !"
I'm very much undecided and looking for opinions, I posted the discussion in the forum along with the tournament rules. I'm hoping this will be a hot topic because I'm sure it will arouse a bit of passion, I know I will have a lot to say and ask. If you'd like to join in, please feel free or just follow it here:-
Warhammer Fantasy Tournament - Army Selection Rules, is it the right thing to do ?!
PS. the forum sometimes take a day or 2 to rev up into gear so you might want to check at a later date when the members are in full argumentative action :)