My Status Report Template

I have a status report by week and updated daily in a simple text file. It rolls over, day by day. It should work for small startups. Strangely enough, the defects/bug list is integrated into it. Is there a better method you would recommend?
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juwo status - 4-26_31-07

0) Work planned for today

1) Work accomplished

2) Work planned for tomorrow

3) Issues/concerns

4) Longer Term

[for example]
1. Milestone - get users
Assumptions
- effective demos that show benefit and how easy it is to use.
- explain how it benefits them.
Tasks
- control FLV video
- youtube video clip about juwo
- google widgets

A) New Functionality or Ideas
a) Necessary
b) Nice To Have

B) Refactoring for Improvement

C) Deployment

D) Defects

E) Cannot reproduce these defects

F) Resolved (updated each week)