Now that Embeds -- even WordPress post embeds -- are more prevalent, I think this plugin is ready for a comeback.
My users have asked about this capability, but there were issues that were insurmountable at the time. Perhaps now technology has improved enough to make another go.
Previously when using this plugin, the main problems were:
a) CSS issues with posting (it worked much like BP Activity+ -- which needs its own overhaul in this regard).
b) Meta data for posting -- no way to tie in featured image, excerpt, or category from the entry form, so sharing content generated with Status socially got wonky in a hurry.
c) Entering/Editing Status Post title was not intuitive - sounds small but caused a lot of confusion (and frustration) in testing.
d) Compatible with BP Site Tracking -- there were a number of issues from this when I tested it previously, mainly CSS and meta-data related. Basically, it didn't come out that great, especially in light of the lack of oEmbed (which would be fantastic to integrate into BP Activity+).
e) Social media integration, specifically FB and Twitter. While this capability exists for WP in multiple ways, the ability to submit just Status entered updates directly to social media from the entry form would be pretty sweet.
I think there is a real use case for a more tumblr style/micro-blogging interface in the WP/BP space, and now that oEmbed is maturing, it might be the time for it. My users certainly voiced a desire for this capability.
For many, a full blog post is intimidating and they would be more likely to post through their site via a Status like interface if it worked well.
Something to consider.