I have updated my Visual Studio addin that displays the status of a build/clean/deploy action. If you get the latest version, 1.2, and are running Visual Studio 2005, 2008 or 2010 (they are all supported) on Windows 7, the progress of the build is also displayed on the Taskbar, on the item corresponding to the Visual Studio instance.
The following images show no progress, different progress steps, and an error during the build/clean/deploy, both for Visual Studio 2008 and Visual Studio 2010 (Beta 2).
This was possible by using the Windows 7 Taskbar interop library available on MSDN Code Gallery here.
You can get the latest version of the addin from the Visual Studio Gallery at this link.