Just curious, how do you know when you're "finished" with the starter? I suppose you can check the gravity, right? But what you're targeting is a specific number of yeast cells, not gravity. I guess I never thought about it. I just always use Beersmith to tell me how big of a starter to make based on % viability, and then shoot for 24 hours. I don't decant or anything - maybe I need to start looking into that, and multi-step starters, etc.
I will almost always see some form of krausen on my starters. Sometimes it's just a little froth floating around the middle of the flask, and other times is a thin 1/8" layer covering the entire surface. This is the key indicator that major activity is currently taking place. Usually, within 24 hours I will see that froth/layer disappear almost completely, which is an indicator that major activity has subsided - there may still be minor activity taking place but this is of less concern to me.
In addition to the krausen indicator, there is what I think of as the "creaminess factor". After first making my starter and mixing in my yeast, I describe the color and translucence to myself. My usual descriptions are something like: "slightly watery caramel", "light caramel, somewhat transluscent", "dark caramel, not creamy", stuff like that. That creates the baseline. Then I let the starter do it's thing and, as mentioned above, will usually have some form of krausen development to go off of. When the krausen has passed, I again try to describe the creaminess, and it usually comes out like: "milky and non transparent", "off white, creamy", and other descriptors like that. Sometimes, the strain of yeast is a highly flocculant variety and you can actually see the little globules floating around in there like milk that's starting to curdle a bit. Keep in mind I'm always using the lightest of extracts when doing starters (golden light, or pilsner extract) so the starting color is always in the light caramel spectrum.
There has been an instance or two where I did not note any significant krausen formation; maybe just a scant ring of bubble clinging to the glass around the surface of the starter, but even in these cases the creaminess of the starter went from the usual "watery light caramel" color to "milky, creamy, and off-whitish".
There have been instances where I've actually waited 3-4 days for a starter to just get going, and then another day to finish out (even the slowest starters will finish out in about a day). While these yeasts proved to be not very good beer fermenters, they DID propagate new cells and end up with a nice creaminess in the end.