Thanks primarily to the hard work of Derek while I've been somewhat busy with a combination of Panels and my new child, Update Status 2.0-beta is now available for your your consumption. (download)

We've completely revamped it. The UI is dramatically improved; it's simply easier to look at, easier to find what you're looking for, and has almost all of the features we've been asked for (that we've been able to do).

It can handle -dev releases. Combined with cvs_deploy.module it can handle updates via CVS. It's smarter about not telling you to update to beta releases, and it'll inform you when a new major version is available even if it may not be recommended. And if module authors are smart about it, it will tell you about security releases.

Here's a screenshot: