my phone is staying at "spinning cogs" status for almost 15mins. Is it normal? Or should I push any button to make it progress?
No, I don't think it's the norm. I am not sure that we had same exact issue however because I was doing a hard reset on my device following the first update, 1308 I believe it was. That gave me tons of connectivity problems, I'm on AT&T. When I did the reset mine stayed on that screen until the battery died. I am dealing with a new Lumia 920 now because reset the phone did NOT resolve my issues with the 1308 install. I'm timid at this point of doing any further updates given the problems I've personally had following those updates.