Actually MW, you're not quite right on the specifics of LP's.
Not even at L1, the point between the earth and sun, or more generically between the primary and secondary bodies (I'll use sun & earth to avoid confusion) is the gravity is balanced in the traditional sense.
What the points are, are points of equipotential, where the gravitational potential, due to the interactions of the sun and earth, is the exact same as that felt by the earth. In all cases the force of gravity from the sun is greater than the earths.
What this means is that an object placed at a lagrange point will orbit at the same speed (i.e. period) as the earth. This is great for stationing observation satellites, as they won't drift off in the solar system and go beyond easy communication range (like the back side of the sun).
There is a small problem, in that points 1,2, & 3 are unstable. They're balancing points, and any deviation will cause the satellite to drift off, away from the magic sweet spot, and begin to orbit at a different period...and unsynch with the earth. For these, imagine a pen, finely balanced on it's tip upon your desk. It'll stay there, until something disturbs it...then it falls over.
Here's how it works, broken down point by point:
L1: Is closer to the sun than the earth, and objects at that orbital radius would normally orbit faster than the earth. However, the earth tugs away from the sun there in such a way as to lessen (but not negate!) the sun's pull to be a force equal to that which the sun pulls on the earth.
Same force produces the same orbital period.
L2: Positioned further from the sun than the earth, I.e. opposite the earth from L1 would normally have objects orbit slower, as the suns gravity is weaker at that greater distance. However the COMBINED gravitational pull from the sun and earth, increase the gravitational pull there...to equal that which the sun exerts upon the earth...
Same force produces the same orbital period.
L3: Is on the side opposite the sun, from the earth..slightly beyond earths normal orbital radius. Again, the COMBINED gravity from earth and sun mean that at that slightly greater distance, the satellite would still feel the same force as the sun exerts upon the earth.
Same force produces the same orbital period.
L4 and L5 are a little screwier, and they aren't points, but 'zones' and are actually quite stable. Any object there acts more like a pendulum, than a balanced object. It may wander around a bit...but it's about the common center, and will always return unless disturbed.
These two 'points' are actually at earths orbital distance. The nifty thing about them is that an object placed there will always stay at the same spot in relation to earth. They won't drift away and get closer, or further by any large amount. All other regions on earths orbital track are unstable, and objects will gradually drift away and disperse.
What happens here is a complex dance with the earth and the sun, and deals with how objects move in obeyance to keplar's laws of planetary motion.
Basically if it moves outwards, the forces act to pull on it, drain it of energy, and it falls inwards...speeds up, and gets pulled on to add energy...causing it to shift outwards...and it cycles around and around the center point, never straying very far unless something from 'outside' (say Jupiter) gives it a sufficient kick to get away from the sweet spot.
These two are the hardest to visualize, and explain. I'll see if I can come up with a good easy to grasp illustration or description to help youother than that generalized piece I just handed you