I have a 5DII. Also used the 1dsmkIII a lot, which was my first experience with live view.
I actually find live view very helpful in a number of situations, on tripod doing interiors it is a godsend, you can magnify to focus exactly where you want it, not just under the AF marks.
Shooting portraits is another area where I like it, again, on tripod, I can magnify the face to hold focus, and then go back to the full view to approximate a large format ground glass. Then I can watch in real time and interact with the subject in a way that is different than looking through the viewfinder, which I tend to not want to do if I am in a portrait setting.
also recently I just found you can modify the picture styles and they are shown in the live view, in bw you can apply bw filtration in real time on live view. Way cool.
I think its great. sort of like a groundglass option for me.