Question 1 - Do YOU think the two factions, KDF and Fed, will EVER be balanced in terms of content? (ever meaning until the day STO ends)
Question 2 - Do YOU care if it is?
Question 1 - No I think factional agnostic content is going to be where the Klingon get the majority of their content from now on. It would be awesome to get more great Klingon specific episodes but I would rather see content for both factions to enjoy, rather then one or the other.
Question 2 - No. The majority of players are primarily Federation players, sacrificing time and effort to benefit the minority dosen't make sense from a business perspective. I don't believe you could bring enough hardcore Klingon only players to offset the hardcore federation players who would leave due to a content drought.
Personally I don't care, playing a Klingon is ok but its generally the same as a playing a federation character. You get a Red themed UI and somewhat different ships to pilot but its largely the same objectives and gameplay. If the Klingon had something indepth that was unique to their faction I would probably care more, but as it stands it just feels like a reskinned federation so its not that interesting.