Thanks LPowell. You're right - that is exactly the dysfunctional part I am referring to, and your workaround, appreciated though it is, is sadly not offering me much comfort. It's a right pain in the ass frankly, and makes me wonder how they released it like this - did they even test it out?
You can of course press the trash button, and then the display button FOR EACH DAMN SHOT (Ahem, sorry to shout...) to get the effect of the shutter speed on the shot displayed as it should be. If anybody knows how to get this on permanently then PLEASE let me know...
Easiest thing is to use a manual lens.. Gives you exact display on LCD as the camera cannot mess around with aperture.