What is the importance of Project status meeting? Whom do you invite for this meeting and how frequently do you conduct this?

Meetings for knowing the project status should not be carried out as it is unprofessional, unproductive and a waste of time. 

The Communications Management Plan should have the well defined processes formulated and being executed to uopdate the project status to all concerned without the need for a meeting.

Project Status meeting importance is defined according to its requiement, who will be my audience, how much they are contributer for successful of programe, what extend they have influence, what is thier role in business etc.

It again depneds on whether it is support project or development project or simply testing project or an POC kind of stuff. It may varies daily to weekly to fortnightly to monthly or quaterly. Condition again on importance .