First of all, after many cruises (17) I agree with Berick1234 that balcony's are over rated. Unless you are in a suite with a large balcony, the balcony space is for two people only with 2 chairs. If you have any fear of heights, looking over the railing or standing next to the railing will most likely give you an uneasy feeling. The positives to the balcony is listed above, large window area to light up the room, a nice ocean breeze to cool or ventilate the room. Otherwise I would take a oceanview cabin anytime. On the Feb 2007 sailing of the Pearl we had a Penthouse suite with a 250 + sqft balcony in Stateroom #9500 Forward, that was awesome as we looked down over the bow of the ship. On the Jewel to the Caribbean we had a rear balcony on Deck 10 and that was scary as the balcony was small, and the lookout and dropoff straight down did not meet my liking. I don't like heights, on the Pearl to Alaska in May we had stateroom #9020 on the side of the ship, and we opened the sliding door, but I did not like the view down.
So, its a tough call. With fear of heights, if you want to pay the extra to get a big window, and a breeze into the stateroom, then get the balcony. Otherwise an unobstructed ocean view with a window, not porthole, will serve the purpose just fine. Afterall, you will most likely be up deck to view the scenery and enjoy the open air. Don't be afraid of the comments to stay off Deck 13 or 14. All cruise ships have high glass walls that give the passenger the feeling of protection and the views are dynamic. I know of no modern cruise ships that do not have the large glass walls on the upper deck to prevent passengers from falling over.
This is of course my own opinion that may meet your views or disagree. You will save money with the oceanview to spend it elsewhere, and most likely that extra money will be used and needed.
Happy sailing and let us know what you decided.