I recently had a student in one of my classes at BetterPhoto.com who ran into a pro that told her to quit looking at the LCD, to quit "chimping", and just photograph. You will run into old school folks like this that are preaching nonsense because they want to still live in the days of when they grew up in film. The LCD is a valuable piece of technology that can really help us all take better pictures.
You could live without a speedometer and just pay attention to what is going on around you, but you would often have the wrong speed and you would not be as aware of what you are doing. The technology of speedometers is good and helps, so why not use it? The same thing applies to the LCD. This is amazing technology that allows us a truly instant image (more instant than the old Polaroid) and that can help us "measure" our work, just like a speedometer, so why on earth would one not want to use it?
That this could affect battery life is very old and outdated information (it used to be a big deal -- 10 years ago!), but today, that has negligible effect. With the cameras I shoot today, the Sony NEX cameras, the LCD is always on if you are shooting because there is no optical viewfinder, and batteries last a long time. If you aren't using the camera, turn it off.
I recommend setting your LCD review time to 10 seconds or something close to that (LCD review is when the LCD shows you your image right after you have shot it). This is set in your camera menus, though camera manufacturers put this in different menus for some odd reason. The default review time is way too short for nearly all cameras.
If you don't want the review on that long, you can instantly turn it off just by pressing your shutter button lightly. That means you have the ability to have it on 1 second to 10 seconds, just depending on when you lightly press that shutter button lightly. This gives you the option to see it well enough to quickly evaluate your shot, such as composition, sharpness, correct white balance or exposure.
I can't tell you how many times I have seen that little image show up and it gives me ideas on how to improve the shot while I am there. Sometimes it is as basic as forgetting to change the white balance setting, but often it shows me that I need to reframe, to move left or right, or do something to make the photo better interpret the scene.
This "chimping" labeling is just silly, and don't let anyone intimidate you with it. It is true that too much looking at the LCD can be a problem if you are shooting action because that can cause you to miss some of the action. Other than that, why would you not want to use technology that actually helps you be a better photographer because you can quickly see if you got the composition you wanted, your exposure is okay and so forth? A lot of the "pros" who look down on reviewing images and want to call it "chimping" are folks who have never completely become comfortable with digital photography.
The image you see here is from the Shenandoah National Park, a woods near the Jewell Hollow overlook shot after sunset.