A certain form in our application displays a graphical view of a model. The user can, amongst loads of other stuff, initiate a transformation of the model that can take quit
Definitely go for a threaded option (even after your edit, saying you find it complex). The solution that duffymo suggests is, in my opinion, very poor UI design (even though it's not explicitly about the appearance, it is about how the user interfaces with your application). Programs that do this are annoying, because you have no idea how long the task will take, when it will complete, etc. The only way this approach could be made better would be by stamping the results with the generation date/time, but even then you require the user to remember when they started the process.
Take the time/effort and make the application useful, informative and less frustrating for your end user.