Customizing statuses for lists, folders, and spaces is our way to align between the system and the business processes we're mapping and digitizing. Having just a name for the status, sometime doesn't provide the user with all of the information we had in mind when taking the decision.

It would be incredible if we could also create a Status Description that will show as tooltip when the user hovers over the status (or the small i that can appear next to it) this will allow us to create a status with a short name, and yet provide the full explanation to the user of what supposed to be getting this status. This is relevant for lists that don't follow the traditional tasks process, such as Risk Register, Incident Response Board, etc.