Michael has given his point of view.
White balancing photos has changed for me as G10 and S90 have both good "auto-white balance" for external real life works and flash, especially with Lightroom 2 and camera calibration.
But it was not always like that !
EOS300D, 350D and 400D autowhite balance setting were not very accurate and when the chain was not calibrated it was very difficult to obtain good colors. My pocket Fujifilm A340 gave better results.
Now, with all calibrated, my workflow uses "As shot" by default.
For other cases I've done a 5400K preset, because I don't like Lightroom daylight one.
Cloudy is also often much too warm.
Only "incandescent and fluorescent lights" give real problems, sometimes very difficult to solve !
And you, how is your workflow optimized for White Balance ?!!
Have a Nice Day.
Thierry