I would say that 95% of my betting is done through live betting with the only real exception being NHL. Hoops, foots, baseball is all about live betting. I have found it to be the most efficient way to bet sports by far. Generally speaking, at some point during the game, there will be an opportunity to exploit a line offering. I use matchbook for most of my live action and the opportunities to exploit both major market games as well as other, smaller games (non prime time matchups) are there. Other books do come into play but not nearly as much as Matchbook.
As for the question as to whether they factor in who gets the ball for the second half, I do not believe it is as important as others do and I also don`t believe that it is factored very heavily into the 2nd half line. If you just watch how the live line adjusts during the game, you can almost predict what the 2nd half line will be even before it`s posted. And irregardless of who gets the ball first in the 2nd half the line will be the same. A quick example of this is when the favorite has a lead which is beyond what the game point spread is, the 2nd half line will almost always have the pre game underdog that is losing a .5 to 1 point favorite (unless we are talking about a pre game double digit favorite).
As i`ve progressed and turned almost all of my betting towards live wagering, i`ve been able to crudely model it enough to show a profit sport after sport, always trying to refine it so that i can stay ahead of the market because for right now i believe live wagering holds the biggest inefficiencies. How long this will last I don`t know, but hopefully long enough that I`ll have everything refined by then.