Yes, there does need to be a balance between asceticism and hedonism. However, orthodox judaism does not reach a golden medium between the two extremes. It is waaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaay too much on the asceticism side.
Now to be fair, Orthodoxy can be good as a family values religion (as long as noone dares to dissent). It does teach kids to value learning and has some decent rituals to bring the family together.
However, it seems to me that Orthodoxy fails as a personal religion for people who are not married. It is too controlling, and there is more to life than being either a gemarah geek, doctor, lawyer, or accountant.
Further, it seems to me that orthodox judaism has no way of making life better for followers. yes, orthodox judaism will make your life stricter, and more monetarily expensive, but what does orthodox judaism have to offer on a pragmatic level that the outside world doesn't offer? What does Orthodox Judaism have to offer that justifies the added strictness, the and the added expenses?
It would seem to me unfortunately that the answer is nothing.