I am currently using a QLabel to do this, but this seems to be rather slow:
void Widget::sl_updateLiveStreamLabel(spImageHolder_t _imageHolderShPtr) //slot
I recommend not use QLabel but write own class. Every call of setPixmap causes layout system to recalculate sizes of items and this can propagate to topmost parent (QMainWindow) and this is quite big overhead.
Conversion and scaling also is a bit costly.
Finally best approach is to use profiler to detect where is the biggest problem.