The answer greatly depends on the audience for the status report, their communication preferences, the company culture, the size of the project (budget and/or schedule), the length of the reporting period, and the risks involved. These should be captured in the communication plan.
In an ideal world, the status report should be no more than 1-2 pages and contain:
Status of each deliverable (stoplight [red, yellow, green] format)
Significant accomplishments in the reporting period
Updates on budget and schedule
Updates on top issues and risks