If you have more than one character worth of space, you can use animated ASCII art. For example, you can do a progress bar like:
[ ]
[== ]
[===== ]
[======== ]
or a "bouncing ball" progress indicator (that moves back and forth) like:
(-*--------) // moving -->
(-----*----) // moving -->
(---------*) // moving -->
(--------*-) // moving <--
(---*------) // moving <--
(*---------) // moving <--
Something more advanced like this loading animation might also work.
Edit:
There's also the "executive desk toy"
╔════╤╤╤╤════╗ ╔════╤╤╤╤════╗ ╔════╤╤╤╤════╗ ╔════╤╤╤╤════╗
║ │││ \ ║ ║ ││││ ║ ║ / │││ ║ ║ ││││ ║
║ │││ O ║ -> ║ ││││ ║ -> ║ O │││ ║ -> ║ ││││ ║
║ OOO ║ ║ OOOO ║ ║ OOO ║ ║ OOOO ║
And of course there's the ultimate example of animated ASCII art, if you had the time to implement something similar (it would take "spicing up a console application" to the extreme).
Edit: If your console supports color, you can also spice up an otherwise-boring standard spinner by cycling through colors as you spin. Start off with a red line, then slowly fade through the rainbow up to violet as you spin. This can look especially cool with the "bouncing ball" indicator above if you have the ball "paint" the bar a different color on every pass.