I like my splashes but in the dry winter the balms are good too. A very good value balm is the Nivea Extra soothing balm without alcohol. It has a nice milky texture and a light scent which disappears quickly.
Coral skin food by Trumpers is pretty good stuff and again the scent is short lived.
If you are looking for luxury balms then those from Floris and Penhaligon's in the various scents are as good as it gets.