I don't know if this has been suggested yet but..
In my opinion there should be an option to delete and/or modify your status within x minutes of posting it.
The Edit/Delete button will show up next to other peoples status' too. But it will still only work for your status. So don't click delete on someone elses status thinking it will delete theirs because it will just delete your most recent one.
I was wondering where that page went.
It should be a lot more accessible than what it is. A small modify link on the right after (Total likes: x) for example.