(cougar694u @ Feb. 05 2007,15:09) It spins opposite the crank and is designed to counter any slung weight of the crank. The Mitsu GS-T's & GSX's have them, chrysler's 2.4L has one. It's there mostly to smooth it out.
I could understand having to have the crank rebalanced if I took the flywheel off (or used a different one), but a counterbalance is there to help stop vibration and isn't apart of the rotating assembly of the crank (as in dampner, flywheel, etc). It's a separate entity that's being spun off the crank.