I have found life balance very helpful, although I only use a portion of the program. I ignore the pie chart and the whole issue of credit.
I like LB because it lets me view my life by project/area of focus or by next action. The first tab lets me view my life by area of focus/project as an outline complete with subtasks and sub-subtasks (if desired). Lifebalance feels just right as an outliner, whereas shadowplan, which I also own, never has (YMMV). The second tab lets me review next actions by context. In addition, these next actions are sorted in rough order of priority which is a huge help for me.
Lifebalance is a very flexible and complex piece of software with a large learning curve, but also large benefts. However if you are not careful, it is possible to sink large amounts of time tinkering with LB to get it just right. The more I work with it, the more I'm trying to simplify my set-up and not worry if LB does not behave exactly as I'd like (there are caveats to doing this--feel free to PM me).
There is no way to really be sure if it is right for you except to try it (and I have no experience with outlook). If you do try it, start slowly so you can get used to it, rather then putting your whole life into it at once.
Bob Pankratz (sp?) is a great resource on LB. Not sure if he reads this board, but he does frequent the LB and Yahoo GTD boards.