a grey card can be used to set both white balance and exposure... and Thom in the article was covering the effects of the darkness of the grey card vs. the calibration of light meters, not about setting white balance... thus all that talk about exposure compensation
the grey card can be useful... if you want to be sure of exposure or white balance in a studio or a tricky lighting situation...
you can use it to set a custom white balance, but if you are in tricky lighting situation and want to be 100% sure, you should try to shoot RAW so you can adjust white balance in post processing...
on the other hand, a bad exposure setting is not as effectively saved in post processing, so a grey card would be more useful here... this is as a grey card is printed at a known grey value, and metering it you can be sure that the exposure recommended by the meter will be consistent... Thom was talking about how grey cards are 18% grey when meters might actually be calibrated for 12% grey, hence all his talk about exposure compensation (he is not the only one to say this)... but again, if you want to be sure, even with a grey card, its good to bracket shots...