Anything that can be criticized as being the opposite of trendy or in-style. Often used by critics to judge the latest films, fashion-styles, pieces of literature, products, etc.
Girl: "The cheesy one? I heard critics gave it a status no. Must be really lame."
Samantha: "Did you see what she was wearing at the party Saturday night?"
Hannah: "Yeah, she looked like a trashy wannabe! Her outfit was SUCH a status no."