I do pretty much what MinnFlyer said, except that I use thin CyA when gluing balsa pieces that fit together very tightly. Any gap at all and it's medium. I'm allergic to the fumes, so I use the odorless version, which solves that problem but is very expensive.

In the past I have had problems with carpenter's glue and vibration, so I don't use it for things like gluing the stabilizer on. The newer versions like Titebond II or III may be better, and even the old stuff is fine for things like doublers.