Since BPOS, customers have access to a health service status portal to know more about the health of each service (Exchange, Communicator and SharePoint).
With Office 365, this portal is also available.
Starting today, the health service portal has been improved to provide per-tenant health information. This means the portal is now providing health details for your service instead of the global health service.
To connect to the health service portal, go to https://portal.microsoftonline.com/ServiceStatus/ServiceStatus.aspx