Where are the physics majors when you need one... I agree with the idea that people learn something and develop a preference for whatever that is and I've never seen good discussion on the impact of rear vs forward weights.
However, if the balance point were really close to the rear of the cue then your hand would be in front of the balance point with the butt pulling down and wouldn't that tend to lead to the tip of the cue moving up (imagine an extreme case where the butt weighed a couple of pounds)? Thus leading a player to either develop a firmer grip or always using a closed bridge even when an open bridge is called for? Maybe there just isn't enough weight to make a difference since the stick is nearly always at a downward angle relative to the stroke (due to rails being in the way)?
I prefer a forward balanced cue and use, on all but very long or high power shots, an open bridge with a very light grip. It seems to me that the forward balance helps distribute the weight between my grip hand and my bridge making for a more stable stick. Could be all in my head though because cues are so light it may just not be enough to matter. I'm also biased because early in my playing career someone I thought knew what he was talking about told me the stick should be balanced a few inches in front of your hand -- too early in my career for me to be worried about the physics of it.
The majority of cues have a balance point of 18" or greater. My preference is a balance point of at least 19". That being said, I cannot imagine someone with their back hand positioned more than 18" up on the cue. Would have to be either an extremely short wing span or holding the cue terribly wrong.