Live view has been touted as a replacement for the viewfinder. Although as of now it has its drawbacks (namely low resolution, dynamic range and color gamut) these can be nullified with advancement in technology; also, it is argued that it provides exclusive benefits: 100% framing, WB and exposure preview, live histograms, etc.

I would agree, if photography otherwise stays at the current state of the art while EVFs improve.

On the other hand:

I would guess that we are only a few years away or maybe a decade away from the time when a sensor technology with effectively infinite dynamic range will be introduced to market. (the first time such sensors hit the news was so long ago that I can't find references to them right now...)

e.g. you would have sensors where pixels individually report when they've reached saturation, and use this data to extrapolate the charge it would have captured during the full exposure. Or even sensors with a whole AD converter at each pixel, capable of recording the time when saturation happens, emptying the well and continuing to record light.

If a new camera came with a sensor like this, there would be little point in having live 'exposure preview' or live 'histograms'--heck, you wouldn't even need an ISO setting anymore: just set whatever shutter speed and aperture you want, let the sensor record the scene--you or the camera can decide on a sensitivity, WB, etc. AFTER the exposure is taken.

If the eventual sucessor to jpeg would compress and save the raw RGB pixel values while allowing you to manipulate the exposure and WB of the displayed image as parameters, the revolution would be complete.

What then would be the point of being limited by an electronic display that shows only (6 stops? 8 stops?) of dynamic range and a fixed WB to get exposure and WB 'previews'?

The only advantages remaining, in my mind, would be the swivel screen (but that's the LCD, not EVF; of course we'll always have an LCD at the back), the chance to eliminate the mirror box and introduce rangefinder-style ultracompact, high quality ultra-wide-angle lenses (but such lenses can also be used on a DSLR with live preview), and finally the 100% preview. (framing a little looser has never hurt anyone)

Thoughts?