Here are some notes I found doing a Google search about Baluns
What is a Balun? A balun is an impedance transformer that allows you to send a signal that requires a certain impedance value (such as 75 ohm for video) over a cable that has a different impedance (such as CAT5 that has 100 ohm impedance). You need one at each end, one to transform the original impedance to the impedance of the cable and the other to transform it back to the original impedance.
A VIDEO BALUN is the key component that allows you to transmit VGA, RGB, YPbPr. YCbCr, S-Video and Composite video or audio over Cat5. It’s important to use video baluns when sending video over Cat5 since the impedance specifications of Cat5, Cat5e and Cat6 are 100 ohms. Video requires 75 ohm impedance and you’ll introduce artifacts to your video without a balun. Basically, if there’s an impedance mismatch the signal will be reflected from the receiver back to the transmitter causing delays in the signal transmission; the delays have a ghosting effect on the picture. It’s like your TV on drugs.
This link implies that multiple cameras will work on a single Cat5
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http://www.cambion.co.uk/main/cctv_balun_to_cat5_network.htm
