4WD Auto would be best used when on roads that are a little slick. It will allow you to put power only to the rear wheels most of the time, but if the computer senses a little wheel spin (think starting from a stop light on a hill) it will engage the front wheels as well to help you get started.
If you know you're going to be in slick conditions, such as a muddy trail, but it's not real bad (enough to warrant 4WD Low), then 4WD Lock will be the best option. This will put power to all 4 wheels all the time, so there won't be a delay while the computer figures out that two wheels are spinning.
As far as "suddenly needing" 4WD at 55mph, I can't think of any situation where this could possibly help. If you are going 55, and you start to fishtail, the only thing 4WD will do for you is let you spin all 4 wheels instead of 2. In my not so humble opinion, 4WD in any mode will only do the following things:
1: Help you get your truck moving in a slippery situation
2: Help you get your truck from a somewhat slippery situation into an even slipperier situation
3: Help you spin all 4 of your wheels at once, which leaves you with less control than only spinning 2
If conditions are slick, nothing will help you more than taking it easy and keeping your wits about you. Can't slide in the snow into a tree at 55mph if you weren't going 55mph to begin with.