I personally like knowing where I am in a book. Although your points are the same ones I have when watching sports tape delayed like during the Olympics.
I guess the difference for me is how far am I going to push it reading late into the night? If I am close to the end of the book or the end of a chapter, I will push forward, but if I have too far to go I can get some sleep and finish the next day. I actually prefer how iBooks deals with it. I have both a progress bar and how many pages are left in a particular chapter.