I agree with this but there are things that should be elaborated on. EE 1 and 2 were mods that you had to show constraint when using. Barely use it and your wasting ID's in game, used it to often and you won't be doing anything because, as stated before, water and lava= infinite diamonds. Take transmutation out of EE and its a VERY late game mod, when you've got more resources then you realistically need and want tools and weapons that made you feel like a god in your world. I personally used it alongside the old Titans mod (can someone bring it back please...) as I loved taking down gods with these tools. I will always take a Archangle's smite into one of those fights before I take a Diamond Sword.
It also takes a lot to balance EE as the only time its "balanced" to me is in skyblock maps like Feed the beast because making something out of nothing works well when you can't get anything.
Contrary to popular belief, its fin to be overpowered in games, (its one of the reasons why I'm looking forward to Hyrule Warriors, see signature for details), that being said though,you (no one specific, just a general statement) can't complain when you made the game to easy.