StatusPage is well suited for notifications on services and products. If you need to have a passive way to notify users, internal staff, or executives on the status of SaaS services, StatusPage is a low barrier way to do this with minimal setup and maintenance. StatusPage is not well suited for scenarios in which you want info kept private. If StatusPage is updated, the subscribers to those alerts will be notified so you just want to make sure you're addressing the right audience with updates.
Support is very responsive although we haven't had to contact them in a time of emergency, all of our support inquiries were answered in a timely manner and usually resolved with their first response. Support responsiveness played a big role in our decision since if we need help during downtime, we can't really afford to wait.
I would say StatusPage on its own is a great service. StatusPage for Hipchat can only be used with that specific chat client. But on its own StatusPage can be integrated with many tools, like Slack, email notifications, text notifications, etc. I don't know of a tool that compares with StatusPage. You could essentially host your own status site with Greed Yellow or Red statuses, but you would be missing out on the robustness of a tool that keeps historical data, uptime, and segregates services based on components.