I personally think it's a nice looking solution and - as has already been said - I like the idea of a unified loading animation across an application.

But I'd like to see some actual user testing on whether this kind of progress bar does in fact show a typical user how long they have to wait or allows them to 'Time Travel'. In my own (anecdotal) experience, non-technical users are amazingly blind to small details on screen, sometimes even when they are changing/moving.