To color-balance or not to color-balance?

This question has been in my head for quite some time. When balancing ambient light with strobe light, do you also balance the color? If so, in which degree?

i.e. when shooting noon-daylight, there is no need to, but what about when shooting during sunset/sunrise or when shooting in artificial light conditions (tungsten/fluorecent lit scene, etc) while at the same time retaining the normal look of the scene without dramatic alteration of the colors?

--
Christophoros
-----
Homepage: http://www.cp-imaging.com/
Flickr: http://www.flickr.com/photos/christophorosp