When working across multiple teams, it would be helpful to both allow custom statuses (similar to custom issue types) that give ultimate flexibility to the issue workflow. Additionally, having the ability to mark/set users to be notified for specific status changes would be helpful (i.e. DEV notified that marketing has submitted; Marketing notified when DEV sets status to "Waiting on marketing"; DEV notified on approval or feedback; Both notified when deployed to Production website)

yes! I have a few statuses for the client - such as "Content issue" or "On Hold" until after go live