frankchn said:
This is basically describing a better(?) implementation of the viewfinder system in the 1D X Mark II: http://media.the-digital-picture.com/Images/Other/Canon-EOS-1D-X-Mark-II/Canon-EOS-1D-X-Mark-II-Viewfinder.jpg
If you replace the current "AF points superimpose optical display system" with a full LCD and a backlight, you will get a full electronic VF that can optionally superimpose things onto the normal OVF path.
Its purpose is so you can see the image in the viewfinder when the mirror is up and the optical path is blocked. This would be used in live view. You can also play back images and view them in the viewfinder.
It would make the liveview of a DSLR more usable for someone who was outdoors in bright sunshine.
This is nothing like the 1DX MK II.