For most really important stuff affecting the running state of your Linode (physical host emergencies, planned maintenance, etc), you will be individually notified by e-mail through the ticketing system. I've experienced this, and it works out pretty well.
status.linode.com came about following a network outage that blocked access to
www.linode.com. It is a simple pointy-clicky bloggy thing hosted off-site, so there's not much flexibility. Fortunately, most of the outages posted there are temporary and require no action on my part. For the ones that do require action, taking action happens independently of whatever appears on status.linode.com.
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