Having PROGRESS bar as a cursor (transparent light blue is fine :drool in ADDRESS bar like in SAFARI, FF, NAVIGATOR FISSION add-on, would be great.
This allows to avoid status bar...
Judging that progress bar from your image, it is IMO quite pointless.
I expect more detailed informations from a progress bar than a colored ribbon. The throbber does already basically the same thing as the ribbon.
Besides, keep in mind that the status bar also displays the address when hovering over a link.