If you see something like:
PowerD v0.1: PreProcessing(100)...

This pass changes all high-level macros to low-level data streams.
PowerD v0.1: Reading(100)...

It converts your source to my tables.
PowerD v0.1: Reading(100) in intuition/intuition...

It reads modules.
PowerD v0.1: Working...

It regenerates lists of OBJECTs and adds links between OBJECTs.
PowerD v0.1: Writing(12%)...

It writes/optimizes assembler source.
PowerD v0.1: Cleaning...

It frees all memory allocations.
PowerD v0.1: Compiling...

It executes phxass to compile assembler source.
PowerD v0.1: Linking...

it executes phxlnk to link startup header, object files and link libraries.
PowerD v0.1: Done.

If everything went ok, or:
PowerD v0.1: Not Done.

If not.