Balance is "fairly good", though a few warframes certainly are quite a lot stronger than others, especially at specialized tasks (for instance: Frost, Vauban and Nyx are the strongest for defensive missions), same goes for weapons, though they aren't as well balanced.
That said, you will want to swap warframes and weapons regularly to get your mastery level up - this will give you access to a handful of mastery locked weapons. You gain mastery each time a warframe or weapon levels up. (but not after using Forma (don't worry about forma for now, though). I typically swap out a weapon/warframe whenever it hits 30 (this is the max rank).
As for mods, I've started focusing on getting a few mods up to high ranks to get maximum gains from them. Downside of this is needing to unequip a warframe/weapon when I am done with it.
That said, there are several types of builds (mod setups) for each warframe and weapon, you are best off deciding what works for you, or checking what others are doing, as there are so many different weapons and warframes that it is almost impossible to produce any sort of compendium. A good place to start is the Warframe Wiki.
Hope that helps? Feel free to ask if you have any specific questions :)
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