I still remember adding a kind of splash/waiting screen to one email application because The Most Important Feature was executing too fast and users wouldn't feel that it really works. Sometimes latency is caused only by management.
That exists now on TaxCut software - when it says "checking your return for possible errors or red flags" or similar. It has some blinky lights animation or arrows or such that runs for about 10 seconds. It was probably done before Windows could bitblit the image to the screen.
