Thanks, this is helpful and will definately do the trick. I'd love to be able to add a status bar to it though. Any tips on that? He alludes to being able to add graphics like that but doesn't elaborate. My actionscript knowledge is for the most part pretty basic so it's hard to launch into something like that without some guidance.
If you look at the loop function in the code he provides, that is what you will use to control things like a loading bar... the key being to understand and make use of the perc value that is being calculated.
You can use the perc value to control the scaleX of something, such as a status bar...
yourStatusBar.scaleX = 0; // a starting value for your status bar
var perc:Number = e.bytesLoaded / e.bytesTotal;
percent.text = Math.ceil(perc*100).toString();
yourstatusBar.scaleX = perc;