I'm from the AS3, JavaScript, and similar "web languages" where loading means the code is being downloaded from the server, and can't run reliably until enough has been fetched to the user's computer.
However, what happens during a loading screen in software and games in which all the information already exists on the user's computer? (especially now that the information can be stored on a "quick to read and write" harddrive, rather than slow floppies or CDs)
Does this differ from the loading pauses that sometimes may occur in the middle of a game?