Well, they never really called it a mirror lock-up, and indeed the shutter is delayed, pressed first and released based on the time specified. It may not really be very effective in normal usage, but I have a $15 tripod that shakes after I press the shutter, same with my Gorillapod. So I just use Anti-Shake anyway rather than timer, no harm.
According to the manual, though, Olympus did state that it was useful for microscope photography or astro. But I use it anyway in normal tripod situations.
As for Bulb, yes I forgot about that. A remote is certainly needed. Good thing I don't really use the feature, like I probably am one of the very few photography enthusiasts who has no fireworks picture at all :-[