Exactly right Kevin. But one thing you need to remember is that Bayliner used ATC Core-Cell, an extremely tough closed-cell foam specifically designed for below-the-waterline applications. Other foams used for coring will still soak up some water and are known to deteriorate/delaminate over time due to hydro-shock.
Pacsoe reviewed Core-Cell here and compared it to other foams:
www.yachtsurvey.com/ATC_Core-Cell.htm
Talking specifically about the Bayliner/Meridian motoryachts (only), it always seemed to me they had some of the best hull technology, this is one example. To my knowledge, Bayliner/Meridian is the only production builder that used ATC Core-Cell, and they did build thousands of them.
That said, I think Bayliner was an exception.
I would never buy any boat with a balsa cored hull bottom, and I would be very wary of any other foam-cored bottom unless I know what kind of foam was used and how much experience the manufacturer had with it.