The most recent build is v2.05, which is compatible with UQM v0.7.0.
Download the Windows files and extract them into UQM's main directory.
Download the effects package and extract it to UQM\content\addons. This produces two new zips - do not extract them.
Run uqm-balance.exe to play Balance Mod, or uqm-balance-retreat.exe to play with the retreat game mode.
We are looking for someone to build the Balance Mod on OS X. Please submit your binary to Github for review.