Liveview is realtime when global draw is off or if you select real-time preview from the raw menu when global draw is on. However this is in 5x magnification crop mode, so the liveview preview is zoomed in 5x from the 1.6x crop aps-c sensor (i.e. 8x crop compared to 35mm full frame). At a resolution of 2520x1080 the crop factor of the video recorded is 3.33x compared to 35mm full frame. So what you see on screen is zoomed in more than twice than what's recorded, which makes proper framing tough, but it's real time and in colour. If you half press the shutter button you get a pixelated and slow framerate preview of the correct frame which is useful for composing a shot.
Do the other eos cameras work the same way in 5x magnification crop mode? My 50D is the same, only the preview is in b&w, not colour.