The thing with Balotelli is, he is not a pacy guy, he is not going to be all over the place and in the right spots, he is not a guy who passes well or defends well. He is suppose to be a finisher. Someone who can both kick and head the ball into the goal. Thus far he has had 5 or 6 chances that I would expect any professional soccer player to put away (he has missed them all). If he could have added a few extra goals which the normal player would not have gotten (essentially do the thing we bought him for) he would have 7 or 8 goals this season, Liverpool as a team would have scored 7 or 8 more goals this season, and what has been a lackluster start to the season would have been an extremely successful start to the season.
Liverpool's defense has been disappointing (Gerrard, Lovren, and Mingolet especially) but I really don't think they'd be missing Suarez at all if they had a striker who was able to put the ball in the back of the net. They have created plenty of great chances, where you don't need to be one of the worlds top five players to convert. The EPL is deep, but not particularly strong at the top. Liverpool can't win the league, but switching Balotelli with a striker of even average quality should put them in the top four.