How does the Balance Mod effect MP games if at all?

What exactly are you asking for?

If you use the balance mod, you'd play with the balance mod rather than stock, if thats what yo'ure talking about, which I doubt.
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There are 10 types of people in the world:

Those that understand binary, and those that don't.

I haven't done any testing with tcp/ip play with the mod, but I don't imagine anything would be different.

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Space Empires Depot | SE:V Balance Mod

I'm at turn 37 in a PBW game using Balance 0.99.

So far, so good.

If you're asking about will it improve/worsen the connection issues (where a players turn isn't sent in and the ministers end up running it for them) it shouldn't improve or worsen the situation. Except for the changes made by the mod to the gameplay, shouldn't be any diffreence between stock and mod.
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There are 10 types of people in the world:

Those that understand binary, and those that don't.

Do all players need to have the mod installed? Or can just one have it and the others not? ............Mikan

Yes. All players would need to have it installed to play in a multiplayer game with the Balance Mod.

And they all need to have the exact same version as well.

Usually SE:V patches are not game-breaking, so the game can be safely upgraded to the new version.

In terms of mod patches, if the patch is not save-game breaking, then as long as the host and players update their mod to the new version - the game will continue just fine.

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Space Empires Depot | SE:V Balance Mod

Thanks Captain Kwok..........nice website by the way............Mikan

It works with hot seat games.