IMHO about white balancing while RAW to RGB conversion: I think there is no white balancing during RAW conversion if the result is not color managed by the converter. It's just normalization. The normalization to some "standard" image state when typical white in RGB-image is about R=G=B. This normalization is not necessary in general. In color managed workflow the RAW conversion should be done all the same way as while shooting the target. I.e. without "balancing". White balancing should be done after application of camera profile, in color space not in device space. But I didn't know at the moment how to change WB of image with camera profile by means of ArgyllCMS? How to apply certain chromatic adaptation to the image in known color space?