Well, it's good to hear that you are happy with it, but to me innovation is a good thing, and if it saves me that 1 minute I have to spent to call somebody on Facetime just to find out if he is online or not, then I will appreciate it. I have used apps like Skype for years and having a status shown makes a difference to me. Plus we are not talking about an old traditional phone call any more, when we lacked this kind of information. This info/data is available, so why not make good use of it.
If people don't want to share their status, ok, they should get an option to opt-out.
The next problem is, why does Apple show all contacts in Facetime even if quite some of them will not even be able to use Facetime either because they don't have an iPhone or their particular version of iOS doesn't support it.
To me, it seems like this app was rushed out and not enough time was spent to make the user experience good. Apple is generally known for a good user experience, I hope that they improve the Facetime app soon. I provided my feedback to them via the link shown in a previous answer.
Thanks a lot for all your answers! I will wait until Apple releases an improved version of this app.