The worst thing about "status" meetings is that they can turn into "planning" sessions — where a quick get-together so everyone's on the same page drags out so long you could be doing the work you're sitting around talking about. StandupTime is a tool that can streamline the process — especially if you have to run those meetings.
Once you're signed up, you can connect your coworkers, build out a team calendar, and even get (and push) notifications to everyone on the team when someone finishes something important, is late or has hit a roadblock, or there's a general update. Best of all, StandupTime can collect all of those updates and events, then put them together into a status email to send to everyone on the team.
StandupTime does all of this without human interaction, which frees you up to actually work, or if you're a project manager, manage the project instead of spending all day making sure everyone knows what everyone else is doing. If you have a "big board" or a dashboard somewhere, StandupTime even has a "TV Mode" that lets you put a live view up on the big screen. If your team uses Hipchat or Slack to communicate, it can integrate with those services to send project notifications to your team or project channel.
StandupTime is designed for whole teams (and has pricing to match), but there's a free account option for individuals who run their own meetings, or just want to give the service a shot to see if it will be useful for them and the people they work with. The free account omits the Slack/Hipchat integration and the option to have "observers," (people who don't interact with the project but can watch and get updates) but has everything else. If you're working on an open source project, they will even spot you a paid account for your team.