There are so many cool balancing devices out there, and I thought I'd do a quick comparison of the pros and cons.
First there's the balance bike. Pretty great workout for the legs, and great hand-eye coordination practice for kids. This bike is so cool for kids who want to tool around town a bit faster than walking, and way more fun than running. It's small and fits in the trunk of a car. It's also a great way to encourage kids to ride a bike and gets them riding a bike without training wheels probably faster than normal. My niece went straight from the balance bike to a regular bike with pedals (and no training wheels) in less than a day, and she just turned 5! Not great with babies or toddlers just learning to walk. Unfortunately, this bike is also a bit too small for adults. Why don't they have one in my size?
Then, there's the balance board with the ball roller underneath. So, this balance device is hard-core. If you are a skate-boarder, this may be the board for you. But, beware...it's challenging and can even be dangerous because you can slip and fall quite easily. Not a great thing to have with little kids, but awesome for older kids looking for that challenge.
The all-time balance ball. These have been around forever, and they are great to have in the house as an extra chair. I remember hearing one time that they are a good replacement for the office chair, as you can totally workout your core while working on work-related desk projects. I also remember using them at the gym for total body workouts. Besides tossing or kicking them around, young kids have a tough time with them, as they are pretty big. And your dog may mistake one for a fetching ball. If they get a hole in them, it's a bit challenging to fix. They're great for the pool and outdoors.
The balance board. This board is great for the whole family to use. Even toddlers and Grandma will enjoy the challenge. The balance board is open-ended and perfect for taking yoga poses to the next level. It can be used indoors and outdoors and doesn't take up a lot of space. No helmet is required. It looks intimidating, but it doesn't bite. Just be careful that your rabbit or panda doesn't get ahold of it. It's made of wood and will look quite delicious to those who enjoy gnawing on bamboo or maple.
There are a number of other balance devices out there, and they all have their benefits. I guess it's up to you to figure out which one would be most compatible with your family and lifestyle. Heck, if you have the room, get them all and enjoy.