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Live Bulb and Live Time is not a exactly new feature as it is found in recent Olympus models. For the EM-1, one can operate the function remotely via Wi-Fi. Its usefulness and uniqueness is under-recognised, somewhat.
You rotate the Mode Dial to M and drop the shutter to beyond B and Live Time is activated. With the first click, the image starts forming on the LCD and you visually gauge whether exposure is enough while watching it shape up live. Click a second time to end the exposure when you are satisfied. Live Bulb/Time is great for long exposures during Light Painting and Fireworks.

Live Time is made for National Day Eve fireworks. No longer do you need to shoot blind and hope for the best. I stopped the exposure seeing there is nice enough trails and seeing after-blast smoke creeping in. Photographed at the Putrajaya International Fireworks Competition. Olympus OM-D EM-1, ISO 100, f18, 10 seconds with the 12-60 mm lens
Interesting to note that the EXIF reports the extended low ISO as ISO 100. I wasn’t given the manual or specs at the time, and had no idea how low it went until examining the info.
Treat it like a digital neutral density when you need to drop the shutter speed or open up the aperture. It is not a true base ISO but a virtual one.

Carmen using the LED flash from two Samsung phones to paint the heart. I also fired a FL-60R flash to freeze her. You can still see traces of her hands in the start position. The Live Bulb mode on my review camera was a little cranky; so this was done in normal S mode instead. Olympus OM-D EM-1, ISO 200, f6.3, 1 sec..
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“Pro lens should come with a hood” – LOL – my E-510, E-620 two kit lenses had free hoods, the 25mm DSLR lens did not have a hood because it is a pancake, the 75mm mft lens is expensive but has no free hood. Olympus stopped giving free hoods easily when they went MFT
Awesome, I really want this type of camera because I like to travel around the world and like to capture all beautiful moments on my cam.