This depends on the shooting style. As with most P&S, The LCD viewer is almost useless under bright sunshine. Then the viewfinder would be just nice for the framing and shooting. But then in a darker situation, when the viewfinder is too dark to see anything, the Live View with it's boost, make it possible to frame a subject. It's more of how a photog uses the equipment and overcome the limitations.
Live View function
RAW+JPEG dual-save mode
Other Camera Functions
Viewfinder with a magnification : Approx. x0.94
11-point AF sensor
High-precision i-TTL flash control
2.5 inch LCD with approx. 230,000 pixel resolution
Nikon F mount compatibility for all Nikkor AF-D/G and the latest AF-S optics
I agree.. The S5Pro has the live view function but it is only for 30secs, so that you can adjust the composition etc. However, you are unable to change the timing, therefore, it is fixed at 30secs. At the end of 30secs, the camera automatically snaps the picture for you. You can't snap the picture at e.g. 15secs, even after you're satisfied with the composition.
Good thing is that you can choose between a colour or B&W live view.
Here are the important points, as quoted from link above:
"You can only use Live View to examine the images beforehand. When in Live View, you cannot press the shutter release."
"This is only a preview, however, so it is only meant to check focus, and you can zoom in quite closely. The advantage of the live preview, which is a more appropriate name for it, is that you see the entire frame, as the viewfinder always cuts off a bit."
And here's something quoted from the S5Pro Manual:
"Continued use of live image display can cause the CCD to overheat, resulting in coarseness or noise such as white spotting in images. If this occurs, turn the camera off and wait for it to cool down before starting again."