A suite will be larger, it will have a tub and shower instead of just a shower. We are totally happy with a balcony, but if the price is not a factor, a suite will be nice. Some come with concierge service, some even have more perks, depending on the catagory. In case you have not been welcome aboard, let me say "Welcome to Cruise-Chat". We'll do our best to answer any and all questions you may have. Best wishes and have a wonderful cruise!
My 2 cents worth. We've had the window, balcony & inside cabins. Since we are not rich people we have decided to stay with inside cabins & use the saved $$ for excursions, gifts, and various other fun things. The decison was easy once we determined how much time we spent inside the cabin verses out of the cabin. This might be something to look at.
The "mole people" have the right approach; how much time do you plan to spend in your cabin? How long is the cruise? My wife and I, while not anti-social by any means, like to spend a fair amount of time lounging in our cabin. We also like long cruises in warm climates, and lots of sea days. So we feel the extra money for the mini-suite is money well spent, considering all that comes with it--larger bathroom with tub, large closets and storage areas, sitting area, and a much larger balcony.
However we were completely happy with an oceanview on a recent Baltic cruise (cool weather and very port-intensive). So it's really up to you. Different things are important to different people at different times.