Sometimes it's really annoying and/or embarrassing to have your phone ring loudly in a meeting, theatre or something like that, because you have forgotten to change your Profile to silent. Similarly it's annoying to hear from your friends/colleges complaints of why you didn't reply to your IM when you forgot to change the status to busy. Since often these events are repeating or entered in your Calendar it would beneficial to be able to somehow combine these so that it would do it automatically for you.
EDIT: Made the problem more simple to understand as requested by Qgil. Well, I tried at least... ;)