I have specific used for LiveView on different cameras:
* On the P&S's, LV can be mandatory for careful framing, and when using filters/adapters.
* On my K20D, LV is ONLY for tricky fisheye or macro shots, with the camera immobilized.
In neither case am I holding a camera a arms' length (rather long arms, in my case). For deliberative two-fisted shooting with a P&S, my elbows are braced against my torso and the LV screen is about 10in / 25cm in front of my delaminating eyeballs. (*) Essentially, I modify my braced eye-to-VF position by swinging the camera out till the LV screen is viewable, that's all. A wide sombrero suffices to shade the screen.
People will adopt whatever position feels right. Whatever.
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(*) Yes, I wear spectacles. Zeiss spectacles, comprising 2/5 of my Zeiss lens collection.