The drop-down menu on the palette matches the white balance settings on the camera - Daylight, Shade, Cloudy, Tungsten, White fluorescent light, Flash and Color temperature. Sometimes the changes are subtle - the Cloudy setting above is a little warmer than the Daylight setting.
The centre of this image has been enlarged using the 50% button from the menu so that the result can be seen more effectively. The enlargement is lost when the image is saved. However, you can crop the image using the 'Trimming Angle' button (second from right) and save the cropped image.