I think the same issues are present whether you are setting a custom white balance in the camera or doing it in post production. In both cases, the algorithms are the same. In either case, trying to white balance off of a blown out white card will result in problems.
I agree that white balancing before shooting is ideal, but it only works when the light doesn't change. Some lights change color temperature frequently, so it doesn't work for them.
As for white balancing against whites found in your picutre, it's a "good enough" technique. Again, you need to make sure that the white you are using isn't blown out. You also need to be aware that most "white" things aren't precisely neutral, so you probably won't be dead on. It'll be good enough for almost anything that doesn't require precision white balance. Assuming that you use the same "white" in each shot, it'll also have the benefit of consistency across pictures.
If you didn't do a custom WB before shooting and you have a lot of shots in the same lighting, you can usually work out the white balance for one shot and then copy the same setting to all of your other shots.
If you really find the subject fascinating,
Photoshop Color Correction is an old but good book on the subject.