It's obvious even from a distance that Balotelli's disciplinary issues originate from a different place than Suarez's.
Their flareups originate and manifest themselves differently. Suarez is the type of guy who gets himself sent off cheating and griefing to try to win, whereas Balotelli's more trollee than troll that I've seen - an emotionally fragile person, more like a young Rooney or Van Persie. Because we've seen it before, I'm inclined to agree with Klaus and believe it's possible that he can become stable and productive.
Pro football is evidently traumatic for Balotelli but he'll become more resilient - in Suarez's case, a jerk is a jerk, but he's probably smart enough to realise he can't get away with as much biting and racism now.
A patient manager with capital to burn while Balotelli works things out is needed. Wenger could do it because he's unsackable at Arsenal apparently.