Hello Owen, intern here. While I agree having text labels on tokens would be convenient, this suggestion has been previously brought up multiple times in this forum (see links below).
As for your need to track statuses, may I suggest the colored labels that can be put on each token via the button next to the edit token (see image below). Just inform your party of what each color means, i.e. red = stunned, blue = sleep. These can also be used like raid target markers to help your party set priorities and distinguish between enemies.
P.S. I asked the dev team if the token labels are in the works, I'll try and update you when I receive more info from them.
EDIT: From the source "there is something in the works, i'm not sure if there's a previous post about it tho." So keep an eye out!
Links to previous threads: <a href="http://community.roll20.net/discussion/2725/shown-names" rel="nofollow">http://community.roll20.net/discussion/2725/shown-names</a> & <a href="http://community.roll20.net/discussion/2691/token-description-additionalcustomizable-bars-and-gms-ruler#Item_4" rel="nofollow">http://community.roll20.net/discussion/2691/token-description-additionalcustomizable-bars-and-gms-ruler#Item_4</a>