The flexible surface model is a powerful framework in which to describ
e the thermodynamics of fluid. membrane phases. In the case of balance
d microemulsions (and their bilayer analogue, the L(3) phase), a gener
al form for the free energy density has been proposed. In this paper,
we consider the phase behavior of balanced microemulsions and show tha
t this model is successful in capturing the important features of expe
rimentally determined phase diagrams of systems which exhibit this rem
arkable phase.