Hmm... While some OP points are valid, no risk for LT for example, generally I cannot agree with his point of view.
This also goes for LRMs and Arrow IVs. They do incredibly impressive amounts of damage, require absolutely no skill, and cannot be hard-countered. The minuscule risk is the same in a Long Tom - your enemies can do some things to mitigate your effectiveness in terms of soft counters (AMS is hardly the hard-counter we all hoped it'd be), but getting close to the enemy is no guarantee (and even still they can do the 'point-blank missile swarm' which actually usually does INCREDIBLE amounts of damage since all missiles tend to hit your torso).
You're slightly exaggerating. LRM spam is a known problem, but it's not
that bad. And FYI, it's easily countered by aforementioned Long Tom.
I can also apply this to Gauss Rifles. They do absolutely massive amounts of damage with pinpoint accuracy (disproportionally more damage than they're supposed to do in CBT. Before you say 'Well this isn't CBT', I'd like to point out that it's still fair game to weigh weapons against each other). Should Gauss Rifles do lots of damage? Sure. IIRC in CBT they do the same damage as an ERPPC. and IIRC in MWLL they seem to be better than AC-20s. When you combine this with the inexplicable lack of shakey-aim while jump jetting, you get 'poptarding', another high-reward low-risk tactic. Gauss rifles just do way too much damage for what you get and can do with them.
Gaus rifle being OP? I rather believe that LBLs are. Gauss has good travel speed, but it's not a hitscan weapon. It is limited by ammo. It's damage is high, but not too high, compared to LBLs. And UAC20, with possible range of 1200m, has even more direct damage and a significant splash damage. Now HGauss is another story, of course. As for PPC, I agree, it's slightly underpowered now.
Now we move on to ASFs and VTOLs, another source of lots of balance complaining. Because the fact is, when you rule out the SINGLE hard-counter to ASFs (Partisan Prime, esp. since they nerfed the L.Gauss Harasser), you have a weapons platform that can do absolutely, ridiculously INCREDIBLE amounts of damage with 2x Thunderbolts and Firebombs with almost no risk whatsoever. It takes an incredibly good shot to smack an aircraft down with 95% of the assets in the game (and even then, most weapons are totally ineffective - VTOLs can shrug off AC-20 shots). Again, we have lots of reward (crippling damage to most targets) with little risk (the vast majority of ground assets are utterly impotent at posing even a laughable threat against aircraft).
Oh, please! ASF are most fragile assets in the game, except for Harasser and BA. And what did you meant by
single "hard counter"? Partisans, Huits, LRM boats, mechs with AC5s and MGs, other ASFs. Hell, even base turrets are dangerous for ASF. As was stated on the forum many times, and my personal experience confirms is, in 0.2.0 even a single partisan can keep all enemy ASF trembling in fear as LT does to ground assets. And, BTW, hitting an aero with LBL or gauss is not very hard, even for a mech. To add to this, ASF flys like hell, tend to loose climb at low altitude and are a real bitch to land.
Risk/Reward works better in terms of the Partisan Prime. While I think it does too much damage right now, the real story behind the tank is that while you can eat up aircraft, your weapons are pretty much complete garbage against anything else, save Battle Armors.
But that's exactly what it's designed for!
Partisan is AA tank, so being good at AA and suck at damaging ground assets is in his nature. Still, if you want to deal damage to mechs, any other Partisan variants are great for that. LBXs? Light dies in a couple of seconds. RACs? Same story, but for even longer range. LRMs? Need I say anything here?

Now we can move into the more esoteric assets - 'legging' and 'arming'. On some medium, most heavy, and all assaults, legs are incredibly easy targets. The hip joint hardly moves. They have low armor, and most importantly, they have absolutely catastrophic effects on the mech itself. Surely I'm not the only one who thinks a 50% speed penalty is extreme - even for RT destruction. Maps are too damn big to cripple our mechs speed-wise that easily. A 90% speed reduction makes a mech completely worthless. Finally, there's the fact that killing a leg 'destroys' a mech faster than punching through the torso does.
Another valid point. But if you look around a little, you'd see that there's already a
thread and even a
poll on this issue. No need to munch the same things over and over again in new threads.
I could also say that 'arming' is too easy on certain mechs with too great of a permanent impact. A Nova Cat with one arm is reduced to the armament of a LIGHT MECH, forever. If I can buy a new mech, why can't I just buy a new arm and bolt one on? The risk/reward to this comes down to individual mechs. Not all mechs are as vulnerable to arming/legging, but many are exceptionally so, which is causing a disproportional impact. You get a high reward (absolutely crippling a mech in a permanent manner), with low risk (on these mechs, these body parts have extremely low armor, are usually absolutely huge, and tend to be easy to hit by virtue of size or mobility). The risk/reward for arm/leg shots is far greater than simply killing the CT. Now, as a contrast, risk/reward works better on other mechs (Atlas excluded), for example head shots. I've found killing the cockpit on a Warhammer to be particularly difficult. The reward is that you can take out a mech very quickly, but the risk is that it's going to be hard to do without good aim and a bit of luck. Many weapons are simply insufficient for this role.
Again, you're slightly exaggerating. Damage to individual components is a cornerstone of a BT games. If arms(or even legs) would became überarmored, there would be no point in targeting them altogether and all the distinctive hitboxes and armor values would be effectively dumbed down to a "mech with a lifebar", as in Armored Core. As for destroyed arms are irreparable, I see nothing wrong with it. Changing and arm is not a work for a field technician crew. BTW, you may not knew this, but no single component(except for cockpit) could be restored if it's destroyed(i.e. blacked on damage diagram). Moreover, destroying an arm or a side torso compartment to disable a weapon means that your opponent ignores your CT, thus makes you to last longer in a fight. You can destroy his mech in that time, escape, or get help from teammates, even go for his weapons in return, while your opponent wouldn't get kill points, unless he cores you. So, I see no flaws in "arming". Following your logic, the next thing you say is that "torsoing" is wrong, because it destroys a mech beyond repair.
Battle Armors are another good example of risk/reward. The risk is obvious - you die in a few Small Laser blasts. The reward is obvious - you get some pretty great harassment weapons and C8 does good damage.
A good example, indeed. But you haven't stated what it is example of: a good or bad risk/reward balance.

Tanks are another aspect of poor risk/reward. They're expensive, slow, very poorly armored, and as a whole there isn't that much of a reason to grab one. I don't think I've ever even considered buying an Oro... especially not now with the new huge pricetags.
Another valid point. It was already stated numerous times, that armor assets are overpriced in 0.2.0. But in 0.1.0 there were no problems with armor. I saw Oros and Demolishers all over the map that days.
I love brawling. Brawling is what this game is ABOUT.
Well, not exactly. Brawling is what
you want to this game be all about. Devs have different view on MWLL, making it
combined arms game, with all aspects of BT warfare: direct mech-to-mech combat, air support, artillery, armored infantry, et.c. Brawling is only one of these aspects.
But the fact is that brawling has the WORST risk/reward associated with it. I shouldn't have to explain too far into this, I'm sure most of you will understand, but brawler mechs, except for maybe the AC-20 boats, don't really put out what I would call staggering levels of firepower. They have to deal with fighting the long-ranged boats that are playing a higher-reward lower-risk game than you.
I think you even get that "brawling" thing wrong. You try to bring duel brawling in an army combat situation. But for that situation, brawling isn't just blindly charging the enemy head on until you can punch him in the face with your mech's fist. It's more like being a pointman of the attacking group, keeping a best distance to the enemy, so that he would be at disadvantage, weapon range-wise, and keeping the enemy attention off your second and third line support. You must understand, a group of all close-range mechs on sandblasted, attacking LRM boats is a suicide. A couple of close-range mechs with support of LRM boats, aeros and armor is a pinpoint of attack. There would be game modes with brawling only in mind, coliseum for example, but for SA or TC that's not going to work.
Brawling is fun. It's hard to say that brawling is anything but a suicidal tactic that, given the plethora of infinitely easier options at our hands, can only be described as idiotic to partake in. I won't stop doing it, but I never once have felt that being a brawler was somehow more effective than, say, being a missile boat or gauss poptard.
But why do you thought brawling was
supposed to be most effective in a combat situation? Attackign group
needs a pointmen, but it always was a high risk assignment and pointmen alone can never conduct a successful attack.
I'm not really a fan of rock-paper-scissors design. Ultimately I don't see a way to fix these problems with huge sweeping changes to the game. I have a few theories I won't put here, not yet at least, but this is my... two cents. A lot of two cents, but yeah 
Following your train of thoughts, fixing this "situation" means removing all aeros, LT and missileboats, leaving only mechs with a single hitbox and a lifebar, indestructible limbs, armed only with lasers and ACs, and making a strict duel-only rules of engagement. Exaggeration, I know, but that's what your post suggests.