The whole point of LWD is to get a log while you are drilling so you can pick formation tops, get an early indicator of what is down there etc. The realtime data is transmitted to surface. It may occasionally have data gaps, but it will be good enough (barring a tool failure) to know whether or not they've found something while they are still drilling. The recorded data is, as you said, downloaded upon the BHA being brought to surface and will be higher resolution.
Update, page-216
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