You're saying, "So what? I can already do that with my $200 point-and-shoot camera." But one of the dirty little secrets of the digital SLR category is that, high-end or not, they physically couldn't do it until now. (The other secret is that they didn't do video and they still don't.) The E-330's live view works because the camera has two image sensors. The sensors share the view from the lens using a network of mirrors, including a two-way mirror that both reflects light and passes it through. You don't notice a thing, except that it works.
Live view is very useful for all sorts of out-of-the-ordinary shooting. When I was testing it using an Olympus macro lens, I could manually focus the camera without craning my neck out of whack. In a crowd of people, I adjusted the articulating LCD to point downward, then held the camera aloft to take overhead shots.
There are, of course, limitations. For instance, as I stood on the sunlight-drenched pier at Huntington Beach, California, I couldn't see a whole lot on the LCD. I was forced to use the optical viewfinder. Also, in low lighting, you'll get a clearer picture through the eyepiece than you will on the LCD. Nevertheless, it's a great help for people who want an upgrade but enjoy the LCD convenience of current point-and-shoot cameras.
Last year, I raved about this camera's predecessor, the E-300. Its ultrasonic image sensor filter vibrates to remove dust that could appear in pictures. In the Fall, I enjoyed testing the smaller but similarly loaded E-500. The only downside to the E-330 is that it was built with the larger E-300 body style, but I suppose that's just an unfortunate price to pay for the added functionality of live view. Add that to a list of features full manual control, ultrasonic dust protection, a 7.5-megapixel image sensor, access to all of Olympus' Zuiko Digital Specific lenses, and compatibility with high-capacity CompactFlash memory cards as well as the Olympus/Fujifilm proprietary xD card and you can see why this camera has plenty to brag about.