Whibals are not 18% gray, so they cannot be used for exposure without some + exposure compensation. However, with some simple experimentation you could use it as a standard for exposure, much like others use green grass, blue sky, their hand, black camera bag, etc.
I forget exactly, but I thought somewhere in the website he states how much brighter the whibal is than a gray card. The spec on the whibal for LAB brightness says >70, which tells me they don't care so much about how bright it is vs. ensuring it is color balanced.
Dave Chew