the sony live view is a piece of shit. Trust me or the reviews on Amazon. It loses it's connection every minute, the battery lasts three hours, the wristband is itchy ... The list goes on.
It's transflective so you can read it outside, and inside you can use a backlight (which they list on the tech specs). It's very low power, so you can leave it on all the time. Those two things combined are why they call it e-paper.
Personally I think it is a bit confusing on their part, but I understand them wanting to get across that it's always on and visible outside. However, it does get confused with e-ink.
http://www.amazon.com/Sony-Ericsson-Liveview-display-Android...