When you submit a new app or a new update, it will now list the app as "Waiting For Review" rather than "In Review".
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Then, when the app is actually being reviewed by Apple the status will change to "In Review". And when approved, yes, as expected, it changes to Approved.
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But, best of all, these activities are timestamped! Next to the status of the app is a link called "Status History" which when clicked produces something like this:
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This last bit will be useful when setting the date of the app so it appears in the proper date range in the store.
It's just a minor change, but it is nice to see Apple is giving more transparency to the review process.