RAW will allow you to work on it a bit more in photoshop and not lose quality saving it numerous times. If you work on a JPEG photo, then save it, then go back in and do some more work, it loses quality each time. RAW will keep the same quality, no matter how many times you tweak it.
Much depends on your camera. If you have a high end Nikon or Canon DSLR live view is extremely helpful in composition while easily seeing all camera info such as Fstop/speed, white balance, much more so than thru the viewfinder especially edge detail. I use it all the time with a Nikon D4X. It is also easier if you wear glasses or have some vision limitations. Another great use for it is when using extreme telephoto lens on tripods when touching the camera just won't do.
RAW as explained earlier is uncompressed image/information. Unless you are going to do very extensive photo manipulation and or create poster size images or larger, RAW will gain you nothing,
I agree with Jackthewonderdog on the use of LiveView. I often use it for landscapes & portrait shooting with my Nikon D700. While not all that useful working handheld, on a tripod it lets you magnify the image to get accurate focus, is a useful tool for composition, and, at least in the case of the D700, lets you project a level over the image to prevent tilted scenery. One point - if you use it in bright daylight a hood to place over your head & camera will help keep the LCD from getting washed out. I don't use live view for most shooting, but if you have the time & the right situation, it can provide an advantage over the viewfinder.
As to RAW, I prefer shooting RAW because under difficult lighting it gives you a couple of more stops of dynamic range over a jpg file. You will have to work the image in Photoshop, Lightroom or some other editor to make use of the advantage, however if you want to spend the time it can save what might otherwise be an unusable image.
On day to day shooting, I use the viewfinder. When shooting a macro shot, I will use the live view and manual focus, just for better control. On mine (Olympus) live view works as such: Live view on (mirror up), compose shot, press shutter button, mirror drops down, refocus, shutter goes off, mirror goes back up. The time lag of the mirror going up and down and refocusing is a pain while trying to shoot anything but a static landscape.
Mrquacker, that is the best explanation I have heard and makes sense. And at slower speed, may cause some slight vibration to photo..?
I never liked the LCD screen as it seems you can barely see your object in sunlight. At the Canyon Canyon yrs ago, I heard at least a half a dozen people saying, 'I think I have you" , because they couldn't see the image.
Thanks again all who gave advice,