I'm not too sure since I'm only on FB and twitter for less then an hour a day, but they can be a little dumb like "I got bitten by a bug, I haven't slept in days, I'm bored,etc".
This video rant explains how Pointless status updates have becomed for many people who use them.
The replies back to status updates and wall postings can even be more pointless. Who do some of the people who write those "silly, dumb, narcissistic" update think they are? The queen of england?
I read some guy in the states got fired for putting up a status update on Facebook saying "he was skipping work for a sick day" and his boss repied back "don't bother coming to work tommorrow or something like that".
I'm finding twitter to be a good place for people who work on certain projects so they can give some useful status updates. I find this most helpful for fansub groups like taka.
I think that it might be useful for event planning, such as a wedding and you want to stay in touch with your wedding party while on the go.. or for projects like DS said, but I find any other use for it outside of possibly advertising, pointless.