Its exactly what its called...you get the assemble balanced,and all the wiegths recorded.Also,if you get the block machined,you can have the blcok "blueprinted" and have bore diameters,deck hiegths,and is you had sent bearings with the block you can have the ID of the bearing so you can find the clear by minusing the OD of the crank journals.The ID of rods bears can also be obtained if you ask.
As for balancing,heh,I wouldnt take a motor over 5500rpm unless it was balanced.