I see a prominant feature of 4.7 is the "Administrator Status Page" and the Issue is https://issues.civicrm.org/jira/browse/CRM-13823 but I do not see a menu item for the status reports. How do you access the status reports?
@jdax worked on this at the Maryland sprint, and she's done except for a tiny bug to fix that a test just found. I expect it'll be included soon.
Alerts will have a link to the status page, and the bottom of each admin page will have the site's status as "System Status: OK", "System Status: Emergency", or something in between, with a link to the page.
You'll also be able to hush a message (have it never show up unless it increases in severity) or snooze a message so that it won't show up until a certain date.
You posted this question almost exactly at the same time that a PR to merge in this feature was posted - see the last comment on the CRM-13823 issue.
I was part of the team that worked on this during the Colorado sprint. The entity and APIs have been in place for months, and the 4.7 code all uses the new entity - but the status page, for the sake of easier development, was done in an extension, which the PR merges into core.