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Hmm! I have to agree that the progress of downloading, verifying and installing is not that very clear.
I am in the UK with a slow download speed. Initially it said one day to download. Then it suddenly went to 5 hours and then back to 18 hours. I re-booted watch and phone and then download was only 15 minutes.
Verifying gave the same problem.....hanging and no action....again, a re-boot fixed it and install took about 10 minutes.
 
I took me 2 days to successfully install it. The first night it I was intermittently getting the "no internet connection" (right next to my laptop which was on the internet and iPhone on the same wifi network) , so I moved it to another place on my desk and went to bed. Next morning it said there were 19 hours left! I moved it to another place closer to my laptop again, and this time it said less than an hour, but then it got stuck on "verifying" for about 45 minutes. I had to leave to go to work so I tried again last night.

Ok, last night, take 2. I tried again, got stuck on verifying again. I reset iPhone, then tried again and restarted Watch, no luck. It finally worked after about the 4th try by quitting the Watch app on the iPhone first, then turning off/on the iPhone, then turning off/on the watch.
 
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