Yes it is a conversational mode. Also, Olivia is one of those modes that you have to want to use- not a massive amount of activity.
The lid factor seems lower as well. I like it.
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I'd like to get more into AM, but fer f's sake...I swear some of those guys starting talking in 1972 and haven't stopped since.
Perhaps this will help?
http://www.oliviamode.com
In all fairness, I haven't tried it yet due to too much other stuff going on, but it is on my to do list for 2016.
I never saw the point of Olivia. It's true that it's faster than PSK-31, but the latter is as fast as I can type anyhow and uses less bandwidth.