I would love some type of status button where I can customize the different status words and then have them represented by a color or an icon. This way we can easily see what stage something is in.

For example: With my clients I create website flowcharts. I use the charts with clients to plan the hierarchy of the pages/content and then I use it with my web developers in creating the site. Having a button that I could put on each “page” would allow the developers to know when the content has been approved and they can move forward with creating that page and it would allow the client to see what pages have been developed. So in this case, my status button options would be:

 - pcheckmark icon] Client Approved Content

 - dot icon] Webpage in Progress

 - >rocket icon] Webpage Complete

From a functionality perspective, it would just be a dropdown menu but it would have the option to display as a smaller button and the text would appear when you scroll over it.