The ability to assign hot keys to custom status's would be a useful addition. Often I find myself in the middle of a conversation and the phone suddenly rings, I have a sudden and acute need to go to the bathroom, my boss unexpectedly walks into the room, or the dog got it's tongue stuck in the bug zapper again and I find myself maddly fumbling with the mouse trying to change my status to some catchy custom auto-reply "Hey the baby is playing in the toilet again, be right back"; but don't manage to accomplish that and when I finally come back to my computer I have an array of IM's rathing from "are you there?" to "WHERE THE $@*&! ARE YOU!?!?"
A nice little hot key assigned to my favorite status label that I could just snap off before running to take care of important business would be extremely handy.