This node is very useful for determining the status of node within your flow. Similar to watch commands, but you can visualize the output.
I use this a lot to determine the status of key nodes within my flow; in this video we monitor the status of the Pythonshell Node.
Video Content
0:00 Intro
0:33 Monitored Node (Pythonshell)
0:58 Status Node
1:38 Output from Status Node.
2:40 Displaying Status Text
3:52 Displaying Status LED