Watching paint dry
The type of coding I do, and have done over the years would be mind-blowingly boring to watch. A bit like a sculptor starting to carve a block that's going to end up as (hopefully) some fantastic statue. The problem is that the programmer who looks as if he/she is making loads of progress might be concentrating on User Interface elements which look really good, but don't have much bearing on the underlying job. A good example would be Windows copying files from one place to another. The animation might look really snazzy, but actually coding the gubbins that does the copying is just a load of gobbledeygook to the on-looker.