Right, but the question is why are you staring at the spinning cog? You can't look at a page before it is finished?
This is why the new method is brilliant.
A page load in Safari 4 looks like this:
1) Safari downloads content from the network, and you get the blue "Loading..." box.
2) Safari has now downloaded enough images, HTML, CSS etc to begin displaying the page, so it does so, and then fades the Loading... box to grey
*** This is where your eyes should stop looking at the loading box/spinning wheel, and begin looking at the page ***
3) The page continues to load, and literally becomes the 'progress bar' for the site.
4) Safari finishes downloading, and displays the entire page, of which you are already looking at.
Now, why would you wait till step 4 before you even start looking at the page?
Justify it however you want, but to me it is not intuitive at all. The blue progress bar was one of the main features that set Safari apart from all other browsers. Would you approve of a "Loading..." style progress for downloads too? I didn't think so. Essentially it's the same type of situation.