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I'd define it as no single flavor "note" unduly or excessively overpowering the others. Balance means they all work together in harmony to make a wonderful whole.
By the way, time is often the best thing to create balance. Many cigars are unbalanced early on, but get more balanced with time. For example, right off the truck a cigar can have a harsh edge that overpowers the subtler flavors. A few years later, no such problems. The harshness is gone and the flavors have "married", creating good balance.
Of course, this stuff is hard to put into words exactly.
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