From Boeing FCOM (744, not 777):
Status Messages

Status messages indicate equipment faults requiring MEL reference for dispatch.
They are nice to know but have NOTHING to do with inflight failures and have NO effect on decision making.
FYI The concept of Status message (
AFAIK) was introduced with the B747-400.
As I said before the status messages aren't even displayed to the pilots (directly).
There is only a blue Cue indicating the presence after which the STS info can be called up.
With the introduction of the B744 the cue could be displayed right after take-off, causing some inadvertent inflight returns because the old school classic 747 pilots thought they were actual failures (like several posters here).
Boeing responded with inhibiting the STS cue until 30 minutes after T/O.
Still don't get it?