Regarding live coverage: Preparation and experience are important but even more important is understanding additive value to the reader. I'm speaking from a sports-centric perspective. Tell me things I cannot see on television. Provide me with perspective and analysis I can't get from the broadcasters (assuming most people are using my live coverage as a second screen experience). Be a great curator of live content across the web. That ultimately, for me, separates the average from the great regarding a live experience.