I suspect that would be about as accurate as Windows' copying progress bar! If my experience doing anything video is any guide, what you think is step 1 of 4 ends up being step 0.5 of 25, because step 2 ends up being, "Find out your first step 1 was a waste of time," and step 3 is, "Find out step 4 is actually step 18."
I think I'll be happy enough to read some progress is being made, whether it's linear and predictable or not!