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Twice so far since the start of Early Access, both the launcher and http://arrstatus.com have reported the NA/EU servers as being online but when I log into the game client I get the message that it's "Unable to update the Group NA/EU character list" and the servers actually appear to be offline.
It's not useless, its just that you have to know what it means. If the servers show online but you cant contact the datacenter, it means the server login structure is tanking (under a lot of stress). It will even itself out eventually, and then arrstatus will make more practical sense :)
It means they're physically online: they will respond to a ping. Those tools can't tell you if you're capable of logging in.