Just a quick aside - the Olympus E410 has been replaced by the E420, but is currently still available in alot of Currys stores (but not online) for only £280, which is a bargain imho for a great camera. Some stores also have the 50-150ish lens for about £60 too, so if you want a starter kit, you could be pretty well set for under £350.
edit: the time I've used Liveview the most was tripod based macro work, because you can zoom in (on the Olympus 7x i think), so you can make sure everything is pinsharp before you take the picture.