One nice thing about not having shields and having a health advantage and health regeneration advantage due to that is many pieces of gear and skills simply do not work against Eldrid characters (unless they have overshields, of course).
Shield penetration does nothing at all, so all that gear and all those Helix mutations that many players take do not help a lick against the Eldrid. If you look though a lot of skills, many feature shield penetration so this is a pretty prevalent bonus.
Is it entirely balanced? Probably not. I do think that, in general, having a shield that recharges very quickly when out of combat is better, at least for hit and run, because as long as you flee before taking health damage you get back into the fight faster. Eldrid take nothing but health damage, so unless you can regenerate it quickly you cannot dance in and out of battle as often.