Why not settle for a little bit of everything? Personally what I enjoy the most when following projects is consistency. As the ACE mod and the beta releases have so ably proven, this gives me something to come back to regularly-- even if I don't have time to play just now. Pick a date or day; then follow up with periodic updates along the lines you first set forth. Don't worry about pimping the reports either. This community understands you are busy actually working and not just messing about the forums.
I guess that puts me on the Report In/devblog side of the fence.