The progress indicator of Eucalyptus, unfortunately, only measures the upload progress so you'll only see the progress go when the upload from SC->OSG begins. For large snapshots, the operations on the SAN itself can take on the order of hours. Obviously this is a problem. We have plans to fix this but that change is invasive enough that we are not planning on it for 4.1.0. We can escalate this and get it in 4.1.0 if it is deemed a critical or blocker, but it is a non-trivial change.
With debug logging on you can see progress in the SC logs, but I don't recall what it exactly says for the EMC.
I created a bug to track this: