Yes, it is a fun new feature where you can let others know your status. A couple examples I could think of at the moment is "out at the store" or "eating dinner now" or "working on improving my chess right now".
We thought this would be a nice feature so you could let your friends and others who view your profile know what you are doing at the time. You can also leave this section blank if you do not feel the need to use it.
After the last upgrade of a few days ago I have a new item/listing on my home page intitled "My Status". Can some one tell me what it is and what it is used for if anything