When you get up to level 50+ or Hell mode (or both), you start seeing a lot of gear with the name "Balor" on it (like this).
What in the world does "Balor" mean in this context? (Both lore-wise and gameplay-wise, if there's any gameplay effect).
"Balor" is just the name for a particular class of item, and doesn't provide any special benefits. Each class of gear has its own adjective, and it's just there for flavor.
It's origins are likely from Dungeons and Dragons, where Balor is a type of demon:
So, you might think of these as "Demonic Gauntlets" or somesuch.
Balor is also a god from Celtic mythology, although the D&D Balor doesn't have much in the way of relation to this.
I believe that it is referring to the tier of the armor. Balor armor, for example, refers to a tier around the levels 53-54.