I've had decent results setting the camera (a Canon S40) to "daylight" balance when shooting using ambient light -- this resulted in color that was the most like what you actually see through your mask. Auto-white balance doesn't work at all! Even still I tend to have to do lots of manipulation 'in post' to get things looking right.
I'll be interested to see how my D60 handles the light u/w, can't wait oh boy oh boy.
I have been using manual WB with my Canon S40 and have been very satisfied with it.
Best to do so at every 5 meters of depth, otherwise your shots are a bit off.
Lamps and flashes can't bu used when on manual though and other people's lamps look red in the picture (which is sometimes actually very nice)
If any of you are so fortunate to be closer to a good diving spot you should try a little test to see the results of different wb settings. I would be curious to see the results.
So far it apears to be speedlight and point your camera at a slate but, if I read right, that was not actually compared to other settings underwater.
I believe those too were the settings I used but I also need to go back and review the info to confirm.
Isn't the idea of white balance to correct color for a given light source. And if so, shooting at white needs to be done while the lighting condition is active. I've opted to use HID lights and a white background. Lights are focused on my white object, therefore giving me a correct WB