I think lots of guys have used balloons to test, but it is pretty hard to get an accurate test with a balloon. With an manometer, you can mark the water level, and note the temp. Then you can come back 24 hours later and mark again, and note the temp again. It is possible to actually calculate if any pressure has been lost, but doing this over a few days gives you a pretty good feel for whether the tanks are leaking or not.
With a balloon, you have to kind of eyeball whether or not the pressure has gone down, and if so, then how much. I suppose you could get out the calipers, and get a little more accurate, but a balloon is not a perfect shape, so it is hard to calculate the volume to any level of accuracy. I suppose if you leave the balloon on for several days, you should get a good feel for whether the tanks are leaking or not, just not as accurate as a manometer.
Of course, you balloon guys do not have to deal with the problem where you go out in the shop 24 hours later, and all of your hose is lying on the floor because it got too hot and the glue on the duck tape melted and let every thing drop, so you have to use a whole bunch of duck tape to hold everything together for the next few days, so you can get an "accurate" reading. Everything has compromises.
Cheers,
Tracy.