While some users might prefer the GUI (Prism Element) to keep tabs on an LCM upgrade, others might prefer the command line interface (CLI) method. Since LCM is a more GUI based product, it was not easy to track the status of an upgrade without skimming through the logs.
However, starting in LCM 2.2, a command line utility was introduced to monitor the progress of an LCM upgrade. To use this, run the following command from any CVM that is currently up: lcm_upgrade_status
To view sample outputs, check what various states mean, or different options that can be used with the above utility, take a look at KB 7914 in the Support Portal