I have to do a so-called "weekly status report".
My boss always reminds me to do it by e-mail.
Or... I don't do it for months.
Actually, I think it's useful -- if you have end-of-the-year performance reviews, or want to update your resume...:-).

Whatever impact it might have on you, make sure to reach the status: "If my boss starts to really p.ss me off, I'll just move to another group / company". This'll help.