What gives?
EDIT: After posting this I just put the pieces together and realised that [possibly] EMF has replaced Project Balance (?) If that's the case then everything's fine and dandy.
Effectively, yes, EMF has replaced Project Balance for the time being. It's actually not been an option in the installer for about a month (not just this last release).
For us to return PB as an independent installation option, some bugs and module inter-compatibility issues that are in PB (but not EMF) need to be resolved first. Since EMF is effectively PB's successor and everyone seems to be quite happy with that state of affairs, it's been a low priority for me to bring PB back up to speed for this purpose when my free time is already dominated as much as it is by HIP. Meneth is of a similar mind, although he's not into modding these days. [He's doing great, though.]
They share some files (though a fraction of the amount they shared when EMF was launched in September), so PB is part of EMF and that's why your installed version.txt still shows Project Balance as one of the installed mods whenever you install EMF.
VIET Immersion hasn't been incorporated into any of the other HIP mods. A re-focused version of it is planned to be reintroduced to HIP, though (whenever it's ready). Immersion's new focus will be largely upon its primary strength, specific cultural/religious flavor. EMF is HIP's core overhaul module now, and things like fundamental game mechanics and general gameplay features are largely within its demesne, whereas Immersion will focus more on specific, themed content.