I don't "White Balance" per se, I use the indoor and outdoor presets. I consider it analogous to using indoor and outdoor film. You would then gel your lights to get the colors you want in camera.
Film cameras don't have the option to set white balance other than choosing stock. By using this method, I don't ever forget to white balance with every setup as I use tungsten lights and the white point is simply always right with them on the preset.
If I go outside, the outdoor preset gets set and is always right (overcast days tend toward slightly blue).
I also always color correct and grade every shot anyway, so not having the oportunity to have white balance shift helps me start with a flat palette. I've found it also helps get rid of one of the many components of the "too digital" look.
I'm on an XL1s for reference... the XM series has the same presets.