No such option unfortunately. Why don’t you send the whole output to a log file and only errors and last status to the standard output though? Like this:
[root@lap-prz]# innobackupex --password=xxx /home/backups/ 2>&1|tee innobackupex.log|egrep "ERROR|innobackupex: completed OK"
130823 13:24:28 innobackupex: completed OK!