When you rip CDs in iTunes – if you still do that, of course – iTunes used to display the progress in the iTunes LCD; that’s the section at the top of the iTunes window that show’s what’s playing, shows sync status, and more.
iTunes no longer displays CD rip progress there, however. In a way, this is probably a good thing. If you’re listening to music while ripping CDs, you used to need to click arrow buttons at the right of the iTunes LCD to toggle between the import progress and the currently playing track.
Now, to view import progress, look for a small spinning circle at the top right of the iTunes window. That circle turns, but doesn’t give any indication of how far along your rip is. To see more information, click the circle; a popover displays the CD import progress.
This is the same popover that displays download progress, so if you are also downloading items, you’ll see them below the CD import progress section, shown above.