...I find that the Sony CX550V camcorder (with red filter) does really bad things, requiring WB shift of +4 (warmer). This would suggest that I could simply WB on a white slate with no red marker, but that doesn't produce quite the right WB, either.
I've done about 30 dives with my new Sony CX550V in the Bluefin housing with its MWB button and am just now starting to come to grips with the way it handles WB.
It does some weird stuff (compared to previous camcorders I've used). It is very easy to get too much gain on the red channel. Bright red reef looks really unnatural. If I MWB off white fins below 20 meters (clear tropical water) the red channel goes crazy and I get dancing red pixels all over the darker ocean background. Fortunately, with the OLED viewer I can see the problem and solve it before hitting <record>.
I've come to the conclusion that white-balancing off white fins or a white slate is not the best approach with this camcorder. Instead, I seem to get better results doing a MWB off some neutral (e.g. mid brown) part of the reef or, if nothing neutral is around, doing a MWB off the sun. But it is still a bit hit and miss. Sometimes it takes me a couple of attempts to get something that looks OK on the monitor.
On my next set of tropical reef dives, my starting strategy will be to MWB once at about 15 meters and leave it at that setting for all deeper stuff. I wont be using the red filter at all.
Fortunately, if you are fiddling around with the WB and something interesting comes along, one long press on the WB button puts it quickly back to auto-WB. This saved me at least once last weekend when a Mola Mola swam up from the deep just when I was fighting the MWB system. That one-long-press auto-WB is also useful when you get back to the surface and want to cut some surface footage.
From my tests to date, for cave, over-hang, wreck interior, night and CU shots, where the LED lights dominate, auto-WB is still the best way to go.
The OLED monitor on the L&M housing is very handy because, when it comes to color balance it is very close to WYSIWYG. if it looks OK in the monitor, it looks OK in Final Cut.
Regards
Peter