What happens for you, exactly?

When I go to my profile and click on the "edit" link, a little popup appears in the middle of the screen. I type the new status into the text box. I see two controls next to the text box. "Cancel" doesn't sound very promising but "Edit" seems to work like "Submit." When I click on it, the message I've entered gets saved.

You don't by any chance have javascript or popups disabled?

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eta: While I was writing ^ that, Lostime posted screen shots and arrows.