The Idiot Princess status, like many statuses here at MotK, really have no purpose outside of saying 'hey, I did something that pleased a mod/accomplished something'. Being an IP also allows you to participate in the Idiot Pantheon in CPMC, where you can challenge higher-up Idiot Maidens (who can challenge Idiot Deities) for their positions. Idiot Maidens have limited moderator powers in CPMC, and Idiot Deities have a few more, if I understand it right (I was an IP for months and never really cared to do anything with it :V). There can be an unlimited number of IPs, 6 IMs, and 3 IDs. IMs can appoint Idiot Princesses on a whim, and Idiot Deities can appoint Idiot Maidens if a slot is open, I think. Of course, the Idiot Pantheon gets wiped when CPMC gets wiped, so you'd have to earn it back. For what it's worth, CPMC just got wiped the other day, in LtC is the first IP since then. Congrats or something. :V
Also, looks like you're all playing DDP. I'll set the board up now.
EDIT: Up and running. Go!