How important is it, really, for everyone to know what everyone else is doing at every moment. I see two issues:
1) Daily stand-ups are adequate to communicate what I'm working on each day. Updates more often than that become noise.
2) The issue/task tracking system will let me see who, if anyone, is working on a particular issue. I more often care about who is working on issue X (if X is blocking me, for example) than I care about what Joe is working on right now.
The value here, IMHO, is that this leaves an artifact behind of what's been done in a way that stand ups, at least the way I've experienced them, doesn't.
The "realtime" aspect of it is less important than it seems at first. Our team, for example, updates 3-4 times a day on average, sometimes a bit more if we're just jumping from project to project to cleanup bugs or do general maintenance.
The fact that we've positioned this as a status board just reinforces that perception - that seems to be a common sentiment, and something we're going to have to consider again.
1) Daily stand-ups are adequate to communicate what I'm working on each day. Updates more often than that become noise.
2) The issue/task tracking system will let me see who, if anyone, is working on a particular issue. I more often care about who is working on issue X (if X is blocking me, for example) than I care about what Joe is working on right now.