creating the VG should be immediate, creating and initializing a logical volume should take (considerably) less time than initializing the RAID - just as a rule of thumb.
The server statistics are way down on the "Stauts" - "hardware" page - klick the "apply" button to open a new window/tab where you can select the various graphical statistics. Unlike what's in the docs I have a page for disk i/o there (I currently have no access to a live DDS to give the exact details).
To take a completely different approach: How exactely are you seeing that it is still formatting? How did you start it? Am I right that you created and completely initialized the hardware RAID, then went into DSS to create a volume group consisting of a single partition (the RAID set you created earlier on), and then created a logical volume of 14TB and selected to initialize the volume? When I do this, the logical volume is added to the list of available volumes and reports the initialization progress in percent... is that what you see, too?