For any one interested this works to get progress.
////////////////////////////;
var pictLdr:Loader = new Loader();
var pictURL:String = "Panorama.jpg";
var pictURLReq:URLRequest = new URLRequest(pictURL);
pictLdr.contentLoaderInfo.addEventListener(Event.COMPLETE,
onLoadComplete);
pictLdr.contentLoaderInfo.addEventListener(ProgressEvent.PROGRESS,
onLoadProgress);
pictLdr.load(pictURLReq);
progressbar.scaleX = 0;
// preloader complete handler
function onLoadComplete(e:Event):void
{
var pano:Sphere = new Sphere({radius:2000,x:0,y:0,segmentsH:
20,segmentsW:20});
view.scene.addChild(pano);
pano.scaleX = -1;
view.render();
pano.material = new BitmapMaterial(Cast.bitmap(e.target.content));
}
function onLoadProgress(event:Event):void
{
var percent:uint = Math.round(100 * (event.target.bytesLoaded /
event.target.bytesTotal));
progressbar.scaleX = percent/100;
if(percent>=99){
progressbar.visible = false;
}
}