I have a question. When shooting in Raw do the preset white balances not apply? Is all of that adjusted in post processing? If so, I have missed the memo.
Well, it is like this:
When you shoot raw, the camera saves the information (basically, the amount of voltage that hits each photoreceptor)... and additionally, it puts all of the information from the cameras settings like sharpness, contrast, saturations, white balance, digital effects and things like that into a header file. Unlike JPEG, the image isn't altered by the settings.
When you pull it over into your graphics program (by using a RAW converter, or a program that converts it for you -- something like iPhoto) all of the data* is available for manipulation... you can apply the camera settings from the headers, or you can not, your choice (assuming the software allows you to do this).
If you had saved it as a JPEG, then the color settings, white balance, etc. would have literally been 'burned into' the actual image and not just the header information.
I have WAY oversimplified it, but that is basically it.
BTW It is after midnight here, somebody correct me if I screwed this explanation up or if it isn't very clear.
*Some cameras compress RAW files, some don't... but it is considered 'lossless' compression. Example: NEF (Nikon) files are compressed automatically when they are saved on my D80's and D40.