The behavior that sbstnc described (the LV update always being one action behind) is how it has always been for me (at least since version 3). Selecting "synchonization on geo updates" fixed it. It's good to know about that option.
I've also been having the issue someone mentioned earlier were certain texture tabs (i.e. displacement) will disappear from the interface. It usually doesn't happen until after I've done something in that tab. Then when I come back to the panel for that texture later, the tab will be missing. It's a huge pain. It happens on both of my installs with this version.
I also tried the latest version to see if it fixes this, but when I click the button to send the scene to the live viewer, C4D freezes up and I have to force quit it.
Specs...
3.04.5-R2 / C4D R18 / Mac OS X 10.12.1
2009 Mac Pro with GTX 780ti
2013 Macbook Pro with GT 750m