Live view does not help this... Simply, in handheld operation, stellar objects are indiscernible from CCD noise, except for the Moon, and maaaybe brighter planets that are in opposition at the moment.

What is possible is to try and make an as accurate as possible ALT measurement (like hold N900 an at arm's length and cover/center the object you want to identify). Then, knowing location, time we can narrow the number of objects that are known, observable and at the given ALT (you are supposed to point at something interesting, not a black patch of sky). For example, using this method you could always ID planets and probably some of the more famous/prominent constellations. Not exactly robust or universal, but that could work - but then again, you don't need a camera for that

Another interesting point would be to see how well inertial navigation works, i.e. how much can we move around until we must re-sync to the known object (=AZ).