The progress now runs in the background tasks, which you can see by going to Window -> Background Tasks or by hitting Command 9. It doesn't show the time anymore, but it gives you the percentage of what's been processed.
This post sounds like a piece of fiction. The user account has 1 post (this is it) and the account was created today. Are we suppose to believe that the accountants and IT department at the 5th largest network in the USA that is already using Avid & FCP 7 would simply dump the investment in Mac workstations and FCP 7 licenses within a year even though FCP 7 and those workstations are still fully functional?
The issue isn't that Apple is incapable; it is that they simply aren't willing to allocate the necessary resources to ensure the needs of professionals are met in a timely and reliable manner. All that revenue and still a year later FCP X has yet to match the scope of FCP 7.
Those who have already made the switch to Avid Media/Adobe aren't coming back to the FCP fold. As was previously pointed out: too little, too late.
Perception is reality and here is what professional editors see:
Avid's bread and butter is from the professional market. The needs of professionals are their priority.
Adobe's bread and butter is from the professional market. The needs of professionals are their priority.
Apple's bread and butter is now from the consumer market. Professionals are NOT their priority - they are only a proxy revenue stream.
Why on Earth, would medium and large companies, some of which have invested hundreds of thousands of dollars on equipment, be willing to hold their workflow hostage to a company that regards some 14-year old punk kid shuffling his feet to dubstep via the iPod attached to his hip as their future?
Sheer madness!
What? you want background rendering taken away?
seriously?