A Status or "What are you doing now?" feature would be for the less formal blogs and in the spirit of MySpace and Facebook. For example "Biff is ____" and you fill in your activity, thoughts or change the verb to "Biff loves WordPress!"
-Detects ending punctuation and adds "." if not entered by user
-Places date/time stamp along with it "Updated at (time)."
-Date/time stamp could be time relative "Updated (time) minutes/hours ago." Unless, the last update is over, for example, a day old then the regular stamp would be used.
-Entry made from the Dashboard itself...not buried under some other link (quick and easy for the author is what will make this successful)
The database entry need not be extensive since each new entry could replace the one before it...no need to archive these one-liners. (Perhaps avoid the database all together and write to a text file? I dunno.)
Would give blog visitors a feeling of personality and immediacy - the author is "live" and working on this site!
There already exists the GeoMood plugin (which is well-done, btw!) and this status would help round out the social nature of a blog.
Further down the road this feature/plugin could be upgraded into a "one-stop-shop" and post your status not only to your blog but also to your MySpace and Facebook profiles. But that's forward thinking. -)