Can't you just imagine what the possibilities are? What if you disrupted a Gate? Could you disrupt balefire? How would that affect the weave if you couldn't "counter" it entirely? Would you die but could your soul be retrieved? Obviously it's not an incredibly strong ter'angreal, but it's interesting to think about at least.

Come to think of it, I wonder what sort of effect balefire would have on Mat. And have we seen him (or the Medallion) go through a Gate? I'm sure it's possible, but it's fun to think about such a limitation!