I'm installing on a netbook (1.6 GHz Atom processor, 2 GB RAM, 160 GB HD) so I expect installation to take a while, and after 1.5 hrs of watching the screen say "Preparing your library" with no indication that anything's happening, I am thinking that it might be helpful to show some sort of feedback on this screen to ensure the installer that something is happening.
I can check task manager and see that Logos4Indexer.exe is cranking along, but apart from this I'd be tempted to question if it had hung.
So a progress bar perhaps showing which resources were being indexed would be encouraging to me as an installer.
Finally, I was warned that it would take a while so I wasn't planning on doing anything, but it may be good to give users an option here to pause or postpone this process in case they needed to shut down, restart, or move their computer due to other things going on in their lives.