For the record, when you get a chance to look at LV 2012, there's a big shipping example that I wrote included with it that is every trick I know for putting together "a full LV application", with the exception of hooking a custom Tools >> Options dialog and a custom runtime menu (gotta give you some reason for upgrading to 2013, right?). Included in that is a splash screen that loads and starts running instantly regardless of how large the VI hierarchy gets. In that, I use an animation (it's pretty simple -- just a sequence of boolean LEDs that cycle repeatedly, meant as a placeholder for more splashy graphics you might design for your app) on the splash screen that just repeats over and over while the rest of the app loads in the background. That loading is done just by setting one of the subVIs to be "Load On First Call". For most LV developers, there aren't any surprises, but I figured it was high time there was a single reference implementation that put all the interesting tricks in one place for a "generic application X".
Once everyone gets a look at it, I expect a substantial amount of feedback (positive and negative, I hope) that can feedback into it for future development. I'll post more about it when LV 2012 is public.