Boy, I wish we could get rid of status reports all together--especially the awful 'red/yellow/green' reports, which are pure fiction. Here's a few recommendations on how to deliver useful status reports to your executives (even if you have to include a color).
Scrum of Scrums is a regular meeting where team leads gather to talk and, as much as possible, be open about project challenges, root out dependencies, brainstorm solutions, and make commitments that will move the project forward. This post gives a few suggestions for holding a successful meeting.
I wish we could do away with status reports all together, but we need to make sure our clients and executives know what's going on quickly. Kill the red/yellow/green and go with the facts.
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