Personally I'm not a fan, but there are some people on here who would disagree.
The advantage to live rock rubble is that it has the bacteria already in it that breaks down the ammonia/nitrite... but the bioballs do essentially the same thing. the only difference is that you need to allow for the bio balls to become "live" so they can also break down the ammonia/nitrite in the tank. The down side is that the bio balls need to be cleaned every six months, and everyone has their own opinion on how to do it. The general practice with bio balls is that you should clean half your bio balls every six months.
Some like bio balls because they can be cleaned - live rock rubble cannot be cleaned in the same way. Those that use bio balls generally use them because they think using live rock rubble instead is considered "dirty."
Personally I don't use either. If you already have live rock in the main part of your tank, all you really need is good water flow and filtration that can take out the bigger stuff. I've seen tanks on this forum that just have a powerhead and hang-on-back filter! That's nothing when it comes to filtration! But it works for them.
It all comes down to how much money you want to spend and how much time you want to take with maintenance.