The functionality of these devices is limited in that they only assist in observing the field of view of the lenses that will be used on the motion picture camera but not the characteristics of that lens.
This type of viewfinder allows the user to select multiple camera formats, aspect ratios and focal lengths within a specific range.
These software solutions enable an array of additional functionality such as the ability to take and store images with GPS tags, create frame-lines to define a specific Aspect ratio (image), create overlays and record information relevant in planning shoots.
With iPads and digital media taking the place of traditional storyboards and printed script breakdowns, digital viewfinder applications can also capture video sequences, allowing for a much higher level of detail in pre-production.
They are also considerably cheaper than the first two physical devices, giving greater flexibility and functionality of the traditional viewfinder but lacking the critical assessment characteristics of the lens finder.