White Balance demo shots displayed in the order in which they were shot (equipment/software Nikon D70s, WhiBal "gray" card, white coffee filter, Gitzo tripod, Nikon Capture NX, bathroom with incandescent lights as the sole light source). Even though there's an SB800 on the camera, NO flash was used. Demo images had no post-processing except WB adjustments. They all could use some brightening, but I wanted the WB adjustment results to be unaffected by any other processing. Everything was shot in RAW. Here is the description of each of the nine images:

1. Straight from the camera. NO ADJUSTMENTS. This shot used a custom (measured, D70 PrE WB process) white balance made with the WhiBal card and the normal D70 custom WB measurement technique. Consider this image to be the BASELINE REFERENCE (the way it really was) to compare the next eight against.
2. From the camera (shot using Auto WB). This is the pre-processed "reference shot" with the WhiBal card in the foreground which will be used in NX to adjust the WB via the "Set Graypoint" option in NX's Base Adjustments area.
3. This is the result of using "Set Greypoint" in NX with image #2. Note that this is virtually identical to image #1 - which is exactly what we should expect. This WB setting was saved as "WhiBal Bathroom" so that any time in the future if I shot in this same light (unlikely unless I went back to this same bathroom with my camera) I could adjust the WB correctly in NX simply by *loading* the saved setting "WhiBal Bathroom".
4. From the camera. This simply repeats #2 but without the WhiBal card. The intent was to load & apply "WhiBal Bathroom" to this image and make sure that it looks like #1 & #3.
5. This is #4 after NX WB adjust done by loading & applying "WhiBal Bathroom". So far, so good - it matches #1 & #3.
6. From the camera. This time the shot was made with the camera's WB set to shade. I wanted to do the same thing as with #4/#5 - that is, apply "WhiBal Bathroom" and see the adjusted image match #1 & #3. (Don't ask why anyone would use the Shade setting. Mistakes happen. Given a mistake, I assumed that since I had "WhiBal Bathroom" saved it would correctly adjust any shot made in this light regardless of the WB setting used when shooting the shot. WRONG!!!)
7. This is #6 after NX WB adjust. Note that it's not even close to #1 & #3. What's going on here?
8. This is #6 after doing a "Set Graypoint" using the WhiBal card that can be seen sitting at the back left of the sinktop (the same process that took us from #2 to #3). This does get us back to #1 & #3 - as we should have expected. The color temp adjustments for this image were completely different from those saved in "WhiBal Bathroom" (which we knew had to be the case after seeing how "WhiBal Bathroom" failed to correctly adjust #6). This implies that the color temp captured in a NEF file is affected by the camera's WB setting when the shot is made AND CANNOT be returned to some neutral "baseline" temp setting. (By baseline, I mean a temp that would be the same for all images regardless of the shooting WB setting - one based solely on the temp of the ambient light). What is most SURPRISING is that this result flies in the face of the assumption that any RAW image's camera settings can be undone/changed in Capture. Obviously a bad assumption but one that many believe to be true.
9 Just for the heck of it, this was done the same way as #1 EXCEPT instead of using a $40 gray card I used a cheap coffee filter (seen in my right hand). The coffee filter is easier (marginally) for me than using the WhiBal card but I suspect that it's also (marginally) not as accurate - and the accuracy may vary depending on the light whereas the WhiBal card should be more consistent in its results.

PROBLEM SOLVED. NIKON SCREWED UP! THIS WORKS PROPERLY IN CAPTURE 4.X. HOWEVER, IN THE DEVELOPMENT OF NX THE ABILITY TO CORRECTLY SAVE A GRAY POINT SETTING SO THAT IT WOULD CORRECTLY ADJUST THE WB IN FUTURE IMAGES (ITS WHOLE REASON FOR BEING), NIKON REGRESSED - THEY FAILED TO IMPLEMENT (COPY?) WHAT WAS PREVIOUSLY DONE CORRECTLY. THIS ISN'T THE ONLY "REGRESSION" FROM 4.X TO NX - BUYER BEWARE!