What balanced gets you, mostly, with phono is a few db of gain.
I say, residential, short runs: no advantage,
RCA single ended is just as good as balanced xlr unless your running long spans of cable
@willy-t , @elliottbnewcombjr , @rmdmoore , If I can straighten some things out here:
You don't get any more gain. That only happens with active outputs that don't support the balanced standard, AES48. When you run a cartridge balanced, it supports the standard. So no increase in gain.
For home use, the advantage is that a properly set up balanced line will minimize the 'sound' of the cable. If you've ever auditioned cables and heard a difference, that's what I'm talking about. The tonearm cable is the best place to really get that right; no matter how good the rest of your system is, it can't make up for colorations and loss from the tonearm cable. Even if the cable is only 1 meter, you still get a benefit as opposed to an RCA cable. Keep in mind the cartridge is a balanced source to begin with.