Evf let you preview the exposure which results from the settings input by the user. Iirc it does not hdr everything swee swee.
Live bulb is when doing long exposure in bulb mode, the camera will display previews at certain intervals as you expose the photo, just so you can judge the degree of exposure. When you are satisfied with the previews, you can then release the shutter button. That's why it's called live bulb, cos you can see it happening in real-time.
Blinking highlights is the same as when you are looking at your photos using the lcd screen. Just that evf let's you know in advance which areas are going to be blown, so you can make adjustments on the fly.
And it's a fact that I waste lesser shots on the omd than on the 5dmk3.