The app settings allow you to filter information by service subscriptions (e.g. just show Lync Online status), specify the intervals at which data is refreshed, and whether you want to send service health information to Microsoft.
Microsoft, on its Office 365 technology blog, says the app is about improving communication with its users, something that it believes is vital if customers are to trust cloud services:
As we discussed in a recent blog post, Cloud services you can trust, "Transparency requires consistent communication." We're working to improve the transparency of the Office 365 service by continuously improving our communication with customers on changes that impact the Office 365 environment.
Starting today, Office 365 service administrators can connect to their organization's Office 365 service status from wherever they are with the Office 365 Admin app. The new app enables administrators to view service health information and maintenance status updates from their mobile device. They can also filter information by service subscriptions and configure app data refresh intervals.
In order to use Office 365 Admin you must have an active Office 365 subscription with administrator user rights. The app is currently only available for Windows Phone, but is due to arrive on the Android and iOS platforms in the "coming weeks".
Windows Phone Store description:
The Office 365 Admin mobile app empowers IT service administrators to connect to their organizations’ Office 365 service status on the go. The Office 365 Admin mobile app enables administrators to view service health information and maintenance status updates. In addition, administrators can filter information by service subscriptions and configure app data refresh interval.
Office 365 Admin is a free download from the Windows Phone Store.