The factions don't really need balancing too much, as they all have near indentical unit rosters.
Giving facions first rates at the start would invalidate the naval tech tree, because a lot of it needs to be researched to build them. And then of course there's the fact you need a top-level shipyard as well.
It's irritating, but I can understand where CA is coming from. Teching up gives you a sense of progress and accomplishment which would be missing if all the tech was available from the start.
It's one of those tricky realism vs. gameplay issues.
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