It does have several presets. But the fact is, if you are taking shots without a strobe, i've found white balancing to whatever depth i'm currently at is essential. In cuba, i was white balancing every 10 feet or so and it did make a noticable difference. Even if you dont have a white card to take down with you, can white balance to whatever is "whiteish" and it should be close enough to ok that it will be an improvement. There is a white balance mode in the c5050 that lets you take a picture of something that is white and that becomes what the camera adjusts to. Thats what i used in the example above - i took a white balance reference shot of the actual plaque itself. Before that, every picture i was takeing took on that greenish hue. After that, the pictures looked far more natural. (you can see some in the ontario forum on that same dive actually in this thread:
http://www.scubaboard.com/t35070/s.html (not great examples of color but at least its not the super green that i would have had)).
If you white balance deep, and leave it at that and then take a shot shallower, your shot will take on a reddish or purplish hue.
Here is an example of that:
This first pic is about 70 feet to the bottom so in our water up here it gets very greenish. I actually used the light brown sand on this one as a white balance reference and the colors came out rather decently true. (both taken saturday)
This next shot is without changing that setting at maybe about 20 feet or so on the upline at the end of the dive:
As you can see, the camera has compensated down below for the missing reds and given a half decent representation of the wood etc even given that i didnt use a true white as a reference (just forgot my card).
But since the camera was compensating still for all the red it was missing at the bottom, then at around 20ish feet since more red is present it was actually over compensating.
As i mentioned before though, this is all meaningless if you're taking closer flash photos - the flash will provide all the light thats needed and the cameras default white balance will be exactly whats right for that white light.
steve