What is the greatest advantage of using balanced components? There are multiple advantages, so the answer is subjective and debatable. In my view, the answer is lower noise. That would explain why we see so many differntially balanced components that do not comply with the AES48 standard that you tout.
There are several ways of designing an AES48 compliant component, and some have negative sonic effects. So the AES48 standard is not itself a guarantee of performance.
Of course! But it is a guarantee of plug and play insofar as the cables are concerned.
I don't know of a way that has a 'negative sonic effect' that is specific to AES48. Perhaps you could point one out to me.
I know of a good number of reasons that can cause a 'negative sonic effect' when the standard isn't supported, for example a ground loop. Nasty, and easily detected, so not really subjective.
The advantages of balanced components is different from balanced cables, since you can have single-ended equipment that uses balanced connections, like my RCA and Westerex microphone preamps.
But if we stick to your question above, the advantages are several. Its more than just lower noise; item 6 would seem to be the one in which most audiophiles would be interested, although IME that isn't always the case:
1) lower noise in each gain stage (if the circuit is differential; a 6dB theoretical noise reduction per stage of gain), You can see an advantage for high gain circuits like a phono section where you might have 12 or 18 dB less noise than an equivalent single-ended circuit.
2) greater power supply noise immunity
3) Greater rejection of magnetic fields (like from a power transformer) that might be close to the equipment
4) rejection of noise imposed on the interconnect cable by a power cord, transformer or the like (Common Mode Rejection Ratio is the term used for this)
5) immunity to ground loops
6) (if AES48 is supported) interconnect cable immunity; IOW no sonic effects caused by the cable itself.
Only item 6 might be considered subjective although its easily demonstrated so its the only item of debate.
The advantage of the cable itself is it does not have to be expensive to work perfectly. This is also easily proven so really isn't debatable.
What is debatable is the use of balanced lines actually being an advantage when the standard isn't supported. That is why this thread exists. Sometimes its better, sometimes its not, because in this circumstance, the benefit of balanced lines isn't fully realized.