Well, what do you want to know? :-)
The Status Updates feature will write the status of the tournament to a file, or send it to a URL, at a specified interval. Much like Auto-save, you can have it update on a timer (basically), and optionally update after significant things happen (someone buys-in, someone busts-out, etc).
What it writes to the file or sends to the URL is more or less a list of variables and their values, corresponding to the same variables available to you in formulas. The best way to see what is happening is to configure the Status Updates to write the data to a file, then go look at the file (Notepad will suffice).
It is intended for a program to be able to consume the output, and isn't really intended for human consumption. Some people had mentioned wanting to be able to post updates to their website in real time. Using this feature, the TD could be configured to POST the data to the website automatically. On the website, PHP or some other scripting language (for example) could process the data when it comes in, perhaps putting it into a local database. A page could be constructed that would read from the database and output something intended for browsers.
This first version has a fair amount of data. However, since the feature has never actually been used at this point, I was hoping for some feedback from people who will actually use it, so it can be improved in the future, or removed if it's not a useful feature.