Nice! Apple has made a minor change to iTunesConnect which will make the review process a little easier to track.
When you submit a new app or a new update, it will now list the app as "Waiting For Review" rather than "In Review".
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.
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:
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.