Isolated or Balanced Power on Line Conditioner?

Are you sure it is an either/or situation? If it will do balanced then it is probably using a transformer which would also mean it is isolated. It is more likely a choice between isolated and unbalanced OR isolated and balanced.

What conditioner is it?

this might be an option to switch the input-AC line's neutral/ground thru to the load side of the conditioner; or to not switch it thru. Balanced would be the no-thru option? Isolated (which seems like that would be the balanced configuration) is then the thru-option? Seems somewhat contradictory. I'd try it both ways & then use whichever setting sounds best on your own equipment.

The Panamax 5500 has balanced or isolated power. I can't hear any difference between the two in my system.

Thanks for the reply. I just found out that the MAXX unit I have is the same as PANAMAX 5510. Perhaps they bought the company.
When you press "balanced" power, do you notice both lights look like they're glowing, although the "isolated" is a bit dimmer?

Thanks!

Yes but that is normal and does not imply balanced and isolated are engaged at the same time. I now have the 5510PRO. Both LEDS do not glow at the same time with it.