Currently the button just takes you to a page with a single drop-down menu which lets you change the project status, which is a bit redundant, if the project status could just be changed from the project overview page that would remove the need for a further click. Might not sound like a lot but our projects are going in and out of being paused and active, finished etc... all the time and it would make a lot more sense to remove that redundancy.

Even better (but not crucial) ... if you could change the status of a project from the main 'active projects' list on the dashboard, this would be useful for marking currently active projects as 'complete', 'paused' or 'cancelled'. They could then just fade/slide out of view in that ajaxy way we all love so much.