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Once Prospects are ignored they can be un-ignored by clicking the gray X icon. By default, prospects are hidden from your View once they are ignored. To display ignored prospects within your View check the "Show Ignored" check box as seen in the screen shot below. 

Briefcase Processing

Briefcase processes updates to the following criteria nightly: Priority, Recency, Buy Signals, Lead Score, Activities and Lead Grade (flames, clocks, bells, peppers, running man and thumbs up respectively). All other criteria such as Prospect name, Company, Total Activities, Type and Lead Status are updated in real-time. 

1. Briefcase processing runs at 5:03AM Central US time.
2. We run Briefcase processing once daily. 
3. We process up to 5,000 updated Prospects. An update occurs when a Lead Score, Lead Grade, Recency, Total Activity or Buy Signal values are changed. 
4. We process up to 5,000 of the oldest Prospects that need to be updated since the last nightly processing job. 
5. For example, if 10,000 Prospects whose Lead Score, Lead Grade, Recency, Total Activity or Buy Signal values had changed it would take two days to process all of them inside Briefcase.
6. Our Briefcase engine will process the next 5,000 oldest updated Prospects on the next nightly run. 

Yea, the lead status would update within 5 minutes.
The values processed by the briefcase engine are the icons "flames, clocks etc...". Other values are read from the database.