I am not sure exactly if the Ph is balanced or not, I've only learned from experience that this method of cleaning leather is my prefered choice. My ratio of woolite to water is a little less exact.
For Example:
I like to take a squirt bottle and fill it full of woolite. I then take another empty squirt bottle and and squirt about 3-5 heavy spray "squirts" of woolite into the empty bottle. I then let warm water trickle into the squirt bottle to reduce foaming. Let it fill until the foam starts to emerge from the bottle, shake it, and use it as is with a very soft birstle hand brush. You will find that it will effectively clean leather (and all other interior hard surfaces). After you scrub, wipe down with a clean terry cloth towel to remove dirt and cleaner. Then come back again and buff dry with another towel. Use a little stiffer brush for troublesome spots.
One word of warning.
Recently I detailed a 1995 Buick Riviera for a customer and I used this method in cleaning the leather. Everything went according to plan except the drivers seat. Now I don't have a good explanation as to why this happened, but upon wiping down the seat, it appeared as if the color stain was coming right off with the towel. The seat looked fine (actually much better) after doing this, but I'm pretty sure that it was definitely the color stain coming off. I don't know if the top coat was already gone from the leather (which is important to consider if you are going to use this method) due to being cleaned improperly prior to me working on it, or if it was something else. :nixweiss That particular seat was darker than all the other seats, so maybe it had been restained at some point in its life.
But I think that you will be happy using this method if not from how it cleans, you will be happy on how little this will cost you to do.