My Oly C-4000 has the histogram feature but the manual doesn't say anything about its use. Just you can turn it on or off.
Its a two color display contrast in green and brightness in white. I presume that the vertical scale would be some type of intensity, but have no clue as to the horizontal scale.
Its a cool looking thing to have the little graph move around as I pan the camera, but it doesn't do anything for me if I don't know how to use it.