setting WB in camera and "picture style"

Not too sure if i have this in the correct section , apologies if i dont

i've always left WB on auto..i shoot RAW {incase that makes a difference}

I have experimented with the different settings in differnet lighting conditions and i understand the effects , but...

Is there an advantage to setting it up in camera over doing it in Lightroom or PS?

and under the setting menu's .. where it says picture style ,, when i got both the t4i and now the 5d3 ,, it came with standard checked in i've always left it there..
and i understand that it affects sharpness , contrast etc.. as it shows in info
does that actually affect Raw files or is that for Jpegs? or both?
is there genereally a preferred one i should have it one?
neutral and faithful have all values at zero , so whats the diffenece there?

i get the feeling these are some pretty noobish questions but i gotta know

you might want to change the picture style to neutral so that you can have control of that...for example if you wanted to make a custom profile with a color checker ect. As far as wb you can always adjusted at any time.

The picture style will be applied to any Jpegs you shoot. They will not be applied to your RAW file when you transfer them to LR or PS but your chosen picture style will be shown on the RAW image preview image that you see on your display. I have a few present set up in lightroom that mimic the in-camera Jpeg processing that I sometimes use for a quick fix. I typically use the neutral setting as I only shoot RAW and I prefer to see the image without any processing applied. Same rules apply to the WB on Jpeg vs RAW. Hope that helps you out.

i just left out that jpegs once you shoot you have info enbedded

Setting up the white balance in camera - when you are shooting RAW - is only useful when you have a shoot under constant lighting conditions. If "Auto WB" does not give you good results then setting it up in camera saves you a lot of PP work correcting the white balance in each shot.
Take a shot of a grey card (or a white or grey wall) with the ambient light and use that image as a reference in the "custom" white balance.
But again: if you are shooting with varying lighting conditions (one shot incandescent and the next in fluorescent and the next in the shade or with flash) setting up white balance has no use whatsoever.

An excellent program with which to experiment with in-camera setting when shooting Raw is the Canon Raw processor Digital Photo Professional (DPP). It displays your in-camera settings and also allows you to freely change them around.

As has been said, the White Balance and Picture Style settings do get reflected in things like the in-camera histogram and can be useful, and the White Balance can show up in a Raw converter (Lightroom gives an "approximation" as a "starting point") but those settings do not get applied to a Raw file -- Raw processing is about US making the choices about how to develop our images in the "digital darkroom"!