I have an old 1970's era Clark Customs PPC gun with an underlugged barrel and it does balance nicely. I guess it really depends on what you want to use it for though. Having the adjustable weight might be cool for shooting pins or something like that where you would run pretty hot ammo and want to tame the recoil a bit, but I think in that case you'd probably put all of the weights in and just leave them there anyway. Either way you could probably get a gunsmith to install an underluged barrel on a donor gun and be into it for much less than MSRP on that but maybe I'm missing something. (Full disclosure, I personally think a lot of the performance center stuff is a bit overpriced for what you actually get.)
Underlugged revolvers do look nice though, no doubt about that.