This option is listed in the same Options box as the "Don't Import 1st Record..." described above.

You can choose to view the contact records as they are being imported, however, it will take longer.  To import your contacts quickly, make sure this box is unchecked or you can also uncheck it while the import is in progress.  You can also click on the Fast Import button as it does the same thing.

You can also Pause or Stop your importing at any time during the process by clicking on the Pause and Stop buttons.