Yah, its been flogged before, and I understand the 1.1 engine might support it, but here is a concrete place that we can all imagine a progress indicator:

The divider line in "Track" view mode. Have a piece of that (3-5 pixels) in brighter pixels that moves left to right, like the slider in WinAmp.

Getting further ahead of reality, make it blink when scanning within the track...etc.

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MK2 #141, green, 12GB