I think it's more moddable in the sense that you can alter game logic aspects. Although I do think Fyron is selling SE:V a bit short in terms of the game's amount of modability.
But back on topic:
Unfortunately work on the balance mod didn't start soon enough for it to be considered a replacement for the current default data files. I'm still hoping it might be in the future, but I think it's more likely that it might be included as an extra on a Deluxe release etc. The good thing about the internal mod launcher is that it makes just as easy to choose a mod as the standard game...