How can I get status messages during a large re-indexing operation with MySQL 5.5?
You need to monitor that progress outside of all mysql client programs.

For this example, let's say your MyISAM table is named workingset in the database mydata and the datadir is the default, /var/lib/mysql

Sidenote : If you are using Windows, run this SQL command to get your datadir

SHOW VARIABLES LIKE 'datadir';


You will have three files representing the table

/var/lib/mysql/mydata/workingset.frm
/var/lib/mysql/mydata/workingset.MYD
/var/lib/mysql/mydata/workingset.MYI


Try a temp table approach to loading the table workingset

use mydata
DROP TABLE IF EXIST workingsetload;
CREATE TABLE workingsetload LIKE workingset;
ALTER TABLE workingsetload DISABLE KEYS;
Perform 7 million row insert into workingsetload here, preferably LOAD DATA INFILE
ALTER TABLE workingsetload ENABLE KEYS;
ALTER TABLE workingset RENAME workingsetold;
ALTER TABLE workingsetload RENAME workingset;
DROP TABLE workingsetold;


During the load of the table workingsetload, there will be a temp table whose first five(5) characters are "#sql-". You can visually monitor in the Linux OS the progress of the loading of workingsetload like this:

cd /var/lib/mysql/mydata
watch -n 1 "ls -l workingsetload.MY[ID] *sql-*.MY[ID] | awk '{print $5,$9}'"


You could script this in linux like this:

cd /var/lib/mysql/mydata
ls -l workingsetload.MY[ID] *sql-*.MY[ID] | awk '{print $5,$9}' &gt; /tmp/IndexRebuild.txt


You could then parse the columns accordingly and subtract the .MYD sizes to know when the data portion of the MyISAM table is complete. Subsequently, you could then parse the columns accordingly and subtract the .MYI sizes to know when the index portion of the MyISAM table is complete. 

For Windows, you could script this using Perl (ActivePerl for Windows) or just have a DOS Batch loop over and over again.

Regardless of OS, once the "ls -l #sql-*.MY[ID]" or "if not exist #sql-*.MY*" comes back with nothing, the reload and indexing are complete.

Give it a Try !!!

UPDATE 2011-07-20 16:55 EDT

Monty has successfully implemented this feature in MariaDB. Check it out !!!