Open the Wavemonitor in the Program Monitor and hit spacebar to play.
THis will give you a live update.
I'm sorry, I'm being a bit slow to get this.
I'm in the color correction workspace and I thought I was supposed to use the reference window and program monitor to do a frame by frame comparison for color correcting.
I can set the program monitor to waveform and then it does give a live update. But still can't use the reference window for a frame by frame comparison during regular playback, only when I scrub through the timeline. Perhaps it's meant to be this way?
I can't find the thread, but if I recall, monitoring both waveform monitor and Program monitor only works with CUDA cards, and not with AMD cards. Perhaps that's the trouble. If you'd like this functionality, please file a feature request: http://www.adobe.com/go/wish