There is a description for what the class does somewhere... I think it might be on the class select screen. (Which you'd only see if you've unlocked the new classes, and die without having spare bodies, or if you turn on class select.) I can look at adding the tooltip or a description in more places.
But basically...
MK2 balanced has all the stats raised a little.
MK2 of the other 3 classes basically has higher boosts, and none of the down sides.
Combined classes are tier 2 like the other MK2 classes and basically have the boosts of the MK1 classes (because there's more boosts) with no down sides... IIRC.