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Now most camcorders today have USB and no longer have Firewire. But the impression I'm getting is that the USB port is just for straight data transfer from the camera storage & doesn't really let the PC use the camera has a live video feed (which firewire-equipped cameras typically did) - or if they do, it's never listed in the camera specs/features nor mentioned in the online reviews.

Not true. USB can stream to the computer live from the camcorder.
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