[DrTiTus]

You could use something like this:

SELECT a.* FROM table AS a
WHERE a.Status <>
(SELECT b.Status FROM table AS b
WHERE a.Value = b.Value AND a.update_date < b.update_date
ORDER BY b.update_date DESC LIMIT 1)

[stolen/modified from stackoverflow, money back guarantee. fixing the ordering is your job]

It might be quicker for you up front, but slow for the database. On a table with 1M+ rows and no indexes, it'll be doing 1M+ subqueries. 10K rows might be fine. Pi vs Xeon, etc. YMMV.