...except when it does a lot.
Unless I'm misreading something, item status directly affects the effectiveness of only two kinds of equipment: force fields (which roll an amount of dice equal to the status and pick the best result out of them) and cybernetic limbs (which can give a +20 bonus to certain actions a number of times per day equal to status).
For everything else, Item Status has pretty much no effect. It does come into play with armor and melee weapons, but only when the power field quality is involved.
I'm not sure I'm liking it. Shouldn't better quality stuff be, y'know, better?