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Ok, so the Status Update thing makes sense to me now.
It is a personal announcement feature, like "Ran into Chuck Norris at the gas station."
And it would be an Activity, so if you were following along on "All Activity" you would see that personal announcement come up, and you could reply right into that Status Update window, like with "Cool! ," and that would generate more activity, and the Status Update would keep appearing anew, and growing in size with comments, and where that would end, I don't know. But I'm leaving mine off, too, until I know more.
USAuPzlBxBob's post in What is the "Status" in Profile all about? was marked as the answer