I got started with this because I was seeing a slight red cast in images from my 5D mk2.
So I am using the x-rite passport and software to create a profile I can use in LR on the images.
I'm seeing a slight improvement there vs. the Adobe Standard camera profile, and when adding the white balance am getting overall better color quality (vs. my previous way of working with auto WB, because I was often converting to B&W and didn't worry about it).
I do see the point raised by Nick and others: why neutralize a beautiful color cast?
The point is that you don't have to if you don't want to, but you will have a known reference to work from if you choose to do so.
I suppose that setting the camera to a particular WB setting, like daylight, would be similar in that it would give you a consistent starting point from which to correct (or not).
My goal is to get the best color that the camera is capable of producing, so whatever techniques would be helpful in making that easier are what I am after.