Just to update this thread, first of all it's NOT a dumb question. Olympus was dumb (and cheap) for the longest time for not having USB2.0 speeds on their consumer cameras, they did with the E-1 (not to mention having firewire) but their early consumer cameras only had USB1.1 speeds (IOW SLOW).
As for live view, it's been available in Studio for over a year now...the details:
- it requires both usb and video connections from the camera to the computer to do this
- to have usb and video at the same time (on anything other than E-3) you need the AV/PC-2 cable from Olympus
- you need video input capability (or a tuner card with video in) on your computer
Here's a page with all the details:
Fourthirdsphoto Member’s Articles » Blog Archive » Controlling the camera via Studio and have live video on your screen at the same time.
I can't try this myself since I don't own the cable, and by the sounds of it for me it would be easier if I just connected the live view output to a video monitor (which I happen to have by my computer since I do video editing).
The video:
YouTube - Olympus Studio Software's New Live View Preview at PMA 2008