Windows' obtuse file copying function has been a minor annoyance for years. Every copy operation has its own dialog box that shows you a single progress bar which may or may not provide an accurate estimate of how long the operation will take to complete.
With Windows 8, Microsoft puts all current copy operations into a single dialog box where you can check their progress and pause/resume them. You'll also have access to a more detailed report which shows the file transfer rate of each file copy and a more transparent warning when you try to copy one version of a file over another.
Unfortunately, the estimates won't be more precise. In a blog post, Microsoft says that "estimating the time remaining to complete a copy is nearly impossible to do with any precision because there are many unpredictable and uncontrollable variables involved."