@atmasphere we are mostly in agreement and this debate is getting tiresome.
The two benefits lost are cable immunity and susceptibility to ground loops, since ground is referenced by the output of the device. This isn’t a matter of opinion or debate. Those two things are literally the goals of the balanced line system.
The value of a balanced system using balanced lines is not confined to those two goals. This is where you drift into circular reasoning. (As you well know, balanced systems also enjoy the benefit of CMNR, whether AES48 compliant or not.) Nor is it true that being non-compliant with AES48 inherently subjects a product to being sensitive to ground loops. Again, it is implementation, implementation, implementation.
We mostly agree, Ralph, so I’m inclined to leave the last word to you. Or, feel free to PM me.