Here's a great how-to video from the CineCity in India on balancing the new Flycam Flyboy III lightweight stabilizer. The camera seen in the example is the Blackmagic Pocket Cinema Camera - which seems to be the perfect target camera for a lightweight stabilizer. What makes it even better is that the compact Flyboy III is less than $60 from the CineCity on eBay!
This looks like it's easy enough to balance that I'll actually use it. There are only 9 left as of this post - I'm ordering mine now, so there will only be 8 left for you guys :)
If you prefer not to order from eBay, get one from the CineCity through Amazon for a few dollars more.