As above,

There're several ways one can get a 'correct' colour in Photography. I"ll try to list a few and please feel free to add in pointers!

Basis of White Balance
The idea of White Balance is to get 'whites' to look 'white'. A white piece of material in sun light or ball room lighting will appear warm, or yellow and orange tinge. Setting the white balance in a camera to a lower Kelvins (2900 to 4500k etc) will bring the whites towards the cooler region to balance out the 'yellowness'. However, overdoing this will render the image to be 'too cold'. So what is 'correct'? http://en.wikipedia.org/wiki/Color_balance

Problem with colours
The addition of colours to the equation only compound the problem as different lights will accentuate different colours differently and camera sensors will interpret differently as well depending on the white balance and white balance shift set. A common way to solve it is to us grey cards or colour checkers such as the X-rite colour checker where one can take an image in with the grey card or colour checker and simply select a grey point of choic in post production (lightroom 3.0 for eg) to get a good colour output. Further reading of X-right colour checker in use here.
Click image for larger version Name: X-rite color checker.jpg Views: 22 Size: 41.5 KB ID: 4786

So what gives? I'd think that whatever float's one boat. Using a camera's settings to select White Balance, setting kelvins, doing the shifts might suit most situations. Customising white balance in a constant lighting environment using grey cards or colour checkers will make colours even more accurate. Bear in mind the monitor or printer/paper will further add complications for the path to 'perfect colour reproduction'!