the WB preset function is too good to be true also!
I was practicing some night shots last Saturday at an outdoor mall. The auto WB wasn't quite cutting it, the street and sidewalk especially didn't look quite right. The predominant light source was from the warm-toned street lamps. I tried Incandescent WB, but it didn't do it either. So I used the preset WB, using the nearest street lamp as the reference.
From that point on, every shot looked natural. I love this camera!
Here's one from that night that I posted to dpr.
There were a lot more street lamps around than the one shown in the frame: