Live view? As far as I know that's exclusively a DSLR term, where the mirror is flipped up and you view the live sensor data on the LCD instead of looking through the optical viewfinder. For mirrorless cameras you are always viewing the sensor data on an EVF (unless you're using an X-Pro hybrid OVF that is).
Do you mean Fuji's "Natural Live View" mode, where film simulations are disabled in the EVF for a more neutral looking scene?
Useful when using strobes and other studio lighting so you can see what the heck you’re doing.
Other than that, it’s more likely to cause errors in exposure. The WYSIWYG of mirrorless is one of its main advantages. “Live view” w/o having to mess with mirror lock up.
Mirrorless is by definition live view. I set my cameras to emulate color and exposure, meaning I choose the more WYSIWYG evf/lcd option over normalized/adjusted. I like to see the effect of exposure comp or film simulation choices as I shoot. Frankly, I think this is the key positive benefit of even comparatively poor evf/lcd over the best optical finders, but respect others views will vary.
"Turning the Natural Live View on, reduces the impact the Film Simulation mode has on the histogram, so it’ll mirror more closely what it’ll look like when you import it into your editing software."
