If the amount it costs a spammer to spam is strictly less than his earnings from spam + profit, then he'll continue spamming. Every time Balsam wins a judgment, it goes in the cost column, thereby eating into the spammers' profits. Enough such judgments, and their profits evaporate, prompting a search for a new means of livelihood.
While I may or may not agree with his methods, his actions are taking money out of the pockets of spammers; which, given their model, can only be a good thing.
If more people did what he's doing, we would definitely see much lesser spam.