As someone who is using the convertor, it certainly seems to support the "as shot" option. I've set the defaults to use it, and each picture changes the WB...
But I'm starting a new thread on a related issue...
The last I read on it from D2X users (posts from this week at Nikonians.org and elsewhere), they indicated that the new ACR did not workwith the "as shot" white balance. Instead, they said that it is only usingAuto WB(that they claimed was not as close as the as shot WB).
You are talking about Adobe Camera RAW (and not Nikon's plugin), right?
Find something white, set the camera to Cloudy WB and take a photo using Autoexposure. Then, set the camera to Incandescent and take another photo the same way.
Open both images in CS2 and see what they look like.
If the "as shot" WB is really being used, these photos should look very different.
I suspect you're just seeing the results of Auto WB (versus "as shot" WB).