I've just implemented a mini-blog type tool similar to Twitter, which we're simply labelling as status.
It essentially allows you to say what you're up to, how you're feeling... in fact most anything at all. Whatever you put in there will be prefixed with '[username] is' so I'd get "dpd is" then the status :)
You can update it in MyPlace, and it appears in your profile. Friends from your Little Black Book are also made aware of your status when you change it :)
While I'm at it, there was a new version of My Place released with the update. If yours looks a little funny, try a hard refresh (Control F5) in your browser :)