I really hope as I read through this thread that there is some sarcasm that I'm missing. If not, some of these posts and ecological theories fall somewhere between humorous (if you find ignorance amusing) and so silly it's a struggle to merely format a logical response.
Yes, in the end, there would be an ecological balance. The issue is simply what that balance would look like. I dive to see the variations in life in the water and enjoy the natural habitat. I don't want to dive and just see 8 gazillion lionfish. IF there are no true predators (which in many areas, there aren't any known ones that I'm aware of), that is exactly what would happen. An unchecked species will dominate an ecosystem - it's tried, proven, and indisputable. The only thing that can eventually check a system is the environment's carrying capacity for that particular species and in a reef environment where all these colorful but generally defenseless fish reside, that carrying capacity would be near infinite until the reef populations have been decimated.
Which leads us to our other nugget of wisdom, the fish will just evolve and deal with the problem or die. Well, my wise friend, the problem is that a fish cannot simply evolve. If you have a clever way of attaching a pole spear to a reef fish's fin, maybe they can fight back. As the poster mentioned, even a moray eel got knocked back by a large Lionfish. Who exactly would you pick to be next up the food chain to come eat that fish? A fish can't pull an all-nighter, think up a clever way to combat the lionfish invasion, and leave us with a sound ecosystem in the morning.
In most land species, a creature has a niche that they fill and a series of prey that they particularly eat. The ecosystem is generally in balance as long as it's left unaltered and the populations generally reflect a predator/prey correlation to some degree. What happens though, if you have a creature that has no known predators? See the current population booms of white tailed deer, coyotes, wild hogs, etc. If we let lionfish go without a common or competent predator, what happens to its population? It continues to grow exponentially. Now, as the LF population grows larger and larger, guess what happens to our reef population. They become one big, colorful buffet. Reef fish continue to get eaten, LF continue to grow and reproduce, and the population gets larger and larger again. Even for the most prolific of breeders, the LF population will eventually grow to a capacity capable of even outdoing that reproduction rate. THIS would be the point at which the LF would begin to reach the carrying capacity but when even the best breeding fish are being overtaken by LF, what do you think happened to all those fish that weren't quite as good at breeding? Yeah, we wont be seeing them on the reef anymore and unless there's a secluded population somewhere, they might not be coming back.
Then there's the beautiful nugget of wisdom that suggests humans shouldn't interfere with the natural progression of things. Well, sorry fella, but you didn't actually come from a stork dropping you on the doorstep and neither did that lionfish. The reason we have this problem is because a non-native fish with no known local predators (and a pretty mean defense system) was introduced into the wild. Humans upset the balance but now you want to say, "Hey man, it's nature, we gotta let it run its course". Yeah, well, that idea is stupid and about as likely to succeed as if we'd taken that theory with the oil well that we blew up in the gulf a while back. There's some mistakes that Mother Nature WILL correct for us but we may not like the timeline nor the method of correction. IF the LF invasion were simply a matter of a fierce predator expanding its territory, the fish that fed on the LF would also expand as their prey did. The populations would remain in balance but, really, if this were possible then in all the years that the ocean and reef had been there before humans learned to put big ol' bubbles on our back and go swimming, the fish would've already been here. This means that the expanse between the LF populations we have now and those fish who naturally prey on them is probably too large to be corrected by nature absent we humans introducing yet ANOTHER non-native fish into our environment. Whoever eats LF in the Indian Ocean wont be getting a call from Cousin Elvin in Florida that there's an unchecked LF population that nobody's eating and they should swim on down for a weekend.
There, I think that got some of my ranting out of my system. I'll spare everyone from having to listen to more of my mockery and condescension but anyone who thinks an unchecked (and especially non-native) predator being released into the wild wont have an effect on the ecosystem just leaves me uttering, "Really!?" repeatedly and in increasing octaves.