The Progress window indeed shows all the files. The actual "comparison" phase may be quite time consuming, so some progress display is needed.

Regarding the log:
You should see a log record like:
. 2015-04-16 09:34:07.813 Source file timestamp is [2014-09-17T13:42:27.000Z], destination timestamp is [2013-09-17T13:42:27.000Z], will overwrite

I find the New and Updated transfer option extremely nice but it appears to be showing every file it's testing, regardless of whether the file ends up being transferred.

It would be great if there was some way to see what's being transferred in the animated dialog box, or even a count as each file is transferred.

I didn't even seem to find a way with logging turned on that showed me a concise 'these files were transferred' report.

Could it be I'm just too dense to set log options appropriately?