I believe the AE Lock , locks the Auto white balance for the Nikon 990 and 995. I dont' know about the other cameras. Subsequent photos will use the same Auto wb as the first photo.
Sometimes I like the color tempeture Auto achieved over the Custom/measured temperature. Is a personal preference. Sometimes custom/measured makes the photo look too white, and colors somewhat appear untrue to real life in other scenarios.
This gallery will show you a comparisions of using different white balances.
http://www.cs.mtu.edu/~shene/DigiCam/User-Guide/white-balance/990-995-wb-comparison.html
Below is a good tutorial with images showing you how to lock AE. As show in the little yellow box, WB-L (white balance locked)
http://www.cs.mtu.edu/~shene/DigiCam/User-Guide/990/EXPOSURE/EV-AE-lock.html
Activate AE lock. The exposure parameters used for the first photo taken after activating AE lock is used for all subsequent photos. The parameters include aperture, shutter speed, sensitivity, and white balance. Flash is disabled when AE lock is in effect.
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