Hello Grant Means,
Thank you for your interest on developing with Sitefinity.
The function of this property is still not implemented. It is designed to hold a text that should inform the user for various events, for example when the user's settings are saved, the Status property could be "Your settings are saved successfully". We don't know when exactly we'll implement this functionality but we thank you for drawing our attention to it. Your Telerik points have been updated for that.
We'll put a better description in our Developer's documentation.
Thank you once again for your time and desire to develop with our CMS.
the Telerik team