Apparently, one person waited four hours in this state. I guess I don't have that kind of patience. I simply shut down the computer (after about 15 mins), restarted it a few seconds later and the setup process completely immediately. If this doesn't work for you, you can search for info about hard reseting your Chromebook.
Thursday, October 30, 2014
Chromebook setup freezes at "Determining Device Configuration"
Just a quick note about this setup problem that a few new Chromebook users have encountered. During the initial setup phase, the message "Determining Device Configuration" appears and the setup process stalls.