As its name suggests, the Status tab will display information about your device. Among the more important pieces of information on this tab are the firmware version installed, whether the device is currently connected, and if so the IP addressing parameters in use.
If your providers allocates your IP address dynamically, you can use the Release Now and Renew Now buttons to release your current IP address or obtain a new one. On a Linksys router, the Status tab also allows you to review which IP addresses have been allocated to your PCs via the DHCP Clients Table button.