I got notified by Pingdom that my domain was down before AWS had any info on that status page of theirs. IMHO, they should improve on the latency of their alerts.
Then the AWS dashboard finally updated and told me that 3 minutes ago my instances became unreachable. That is pretty poor. AWS should be able to know right away and email me themselves.
EDIT: My status checks were slow to update like the sibling comment stated, although the alarms that measure system resources triggered almost immediately when everything blew up. I think the status checks refresh at a certain interval, but those aren't really meant for real-time monitoring AFAIK.