>>2879635The update automatically option is in the uv/image editor. But I don't see why you need a render result window at all, as long as you don't mix your material with 3d render layer results.
The video sequence editor gives you a live view of your material anyways, even with the modifiers. For heavier post-processing you want to use the compositor tho (where you again use the image editor for previewing the render results).
The video sequence editor gives you the histogram as well as the luma waveform. If you are not familiar with the waveform, read about it. You will find it more helpful than the histogram.
