On the replays it did look like the Swedish player made it look much worse than it was, but Balotelli's intention was malicious. He went for the leg and not the ball. He knew what he was doing. He lost the duel and he wanted to get back at the swedish guy by kicking his leg.
The red card was deserved.
I certainly won't defend Balotelli's action - it was stupid, the player is an idiot.
As far as being malicious, that word for me is a little strong. He did flick out a bit in frustration, but his foot moved about 10 inches, and it was more reactionary stupidity. For me, malice would be an intent to injure, and I don't think that's what happened.
Anyway, he can't really complain much about the card, but I still think it was mostly down to the Swedish players reaction, and Balotelli's reputation.
You can't kick out in football - that's the bottom line. I don't really have a problem with the card - maybe that fool will learn from it.