This is going to be a bit of a chocolate teapot as far as the Service Status function.
At the moment, users/clients will report outages up to an hour before the service status page on 365 changes. And even then it just changes to a 'we're investigating potential issues, oh and we have been for ages. Honest. Like, before you even noticed. Yeah we were on the ball.' stock message.
If they ever do announce a problem, it then takes them FIVE DAYS to post a reason. Which is brilliant when customers are jumping up and down and wanting to be told it won't happen again. HAH.
The only nice bit is the ability to manage the clients centrally.
365's admin interface sucks anyway (thank christ for being able to use the EMC instead).