Jon,
The advantage of livecut in combination with pipeline is that during the recording of the show in FCP you can start editing. All the cuts you make on the liveswitcher are shown as individual cuts in FCP.
So you see a complete timeline with al the cuts you made.
In combination with pipeline you can also record the camera’s iso.
When you need to mak a shot longer or replace with an other camera it is easily done.
Another solution is just to use one pipeline unit wich will transfer the live signal in FCP and during the show/ recording you can start editing wich means that you win some time.
Jan