And I'm not convinced the balancing function works well when the cells are a bit out of whack. It is happily balancing all 4 cells now after manually equalizing them a couple of times.
The balancing function works fine, if you top balance first, and charge/discharge on a regular basis. Once they are top balanced, all it needs to do is make up for any difference in self-discharge rates. On the other hand, if you are like Andy and go months at a time between getting to 100%, you are attempting to make up for 30 days or more of difference in a single charge cycle and it doesn't work so well.
The defaults work very well if you regularly charge until cells are above 3.4v (which is really 99% full). The defaults also only bleed energy off when you have the energy to spare (i.e. you are charging). Above 3.4v is when you start to see the imbalance, so for most people, it "just works" and does it well.