This disk is just a diffuser that mixes together all the
light coming in to "average it", and an 18% ND filter to
darken it.
Custom white balance requires the ability to measure the
"color balance" of the light hitting the subject. Similar
to exposure metering, this can be done via "incident"
or "reflective" metering, and "reflective" metering requires
an assumption of the reflective attributes of the subject.
If the light is slightly yellow, and you measure it by
seeing how it reflects off a blue subject, a reflective meter
is going to think the light source is bluer than it is.
Measuring color balance reflectively requires a "neutral"
subject, like a white card. So if you shoot a frame of a
white card, and the reflected light is yellow, now you know
the color of the light source, and you can "subtract" that
color from all subsequent shots of your real subject. If you
can do incident metering of color balance, though, then you
don't have to worry about providing a subject with neutral
reflective qualities.
If you place an expodisc on the camera, it diffuses the
incoming light and averages together the light from various
sources. So you put the camera in front of the subject in
"incident light meter" position, and shoot the incoming light,
and you'll get an averaged reading of the various light sources
in the correct proportions. This removes the color of the subject
from the equation, so it removes the requirement of having a
perfectly neutral subject to shoot. This is how the expodisc
would give most reliable results, I'd think.
Now, this review tells you to always point the camera at the
subject. If you do this, you're once again dependent on the
reflective properties of the subject, if you're taking a
close-up of a purple dinosaur, your expodisc shot is going
to have a purple tint, which the camera will think comes
from the light source. The expodisc still helps here
by diffusing the light that hits the filter, which gives you
an "average" over a much greater area than just the field of
view of the lens. So if you're shooting a purple dinosaur with
a telephoto lens, you can hope that the stuff surrounding the
purple dinosaur has a variety of colors, enough to help balance
out the average color of the scene, as the expodisc will pull
in light from all directions in front of the camera.
The review also suggests that its okay to hold up a smaller
filter in front of a larger lens, since most cameras only meter
the center of the frame. This logic isn't quite valid, as the image
in the center of the frame is derived from light that strikes the
entire surface of the lens, so this technique will leak in some
light around the edge of the filter, which just gives you slightly
less effective "averaging".