As far as other feedback about the opacity of the system... well, generally randomized loot systems are fairly opaque. I had very little idea how Diablo 2 or Torchlight were giving me loot, or when the next time would be that I would get a green/purple/yellow/etc. All I knew is that I was really interested in seeing what it would give me next.
Those never told you "6 point progress to next drop" though. Throw a number at someone and he'll ask what that means.
As for a progress bar, I guess it could just decide on the enchant you'll get right away and then show your progress towards getting enough points for it.
Zelda 2 had multi-threshold point accumulation, it simply asked you whether you want to level up the thing you can afford or save up for something pricier.