For some reason that thumbs-up rating thing annoys us. In particular, the label, "like" it has attached. Would it be better if named something like "approve"?

And on that status thing: for restrictions it could use some means for preventing people from using it as an extension of spam. Time limit between updates is logical, except it prevents fixing of spelling errors. Posts between updates is also impractical. Limiting number of edits per day/hour might work, but has the issue about spelling errors.
Each has advantages and disadvantages. Perhaps have it so that a new status won't show up on the list if you changed your status within the past 30 minutes? After all, the issue here is not so much that some people flood their own status changes as it is that they flood the public status message list.

And what if someone breaks guild rules in the status field? Do the mods have a tool to purge someone's status message?