When AutoDesk released Max2008 they changed the way Asset Tracking works, and it is quite annoying.
In Max9, when you launched Asset Tracking, the status was listed as found, it said 'Network Path' if it located the textures, or 'Found' if it simply located the texture, even though it was not properly path'd. I think it also said 'Missing' if it could not find the texture.
In Max2008 and subsequently, Max2009, Autodesk changed the way it works. I am not sure if it has to do with AutoDesk Vault, or just a bug in the software. I am guessing AutoDesk wants me to use Vault.
Max9 gave you direct feedback on missing or wrongly path'd assets. Max2009 only lists things as 'Unknown Status.' It is something that has bothered me for a little while now.
Anyway, the first attachment is Max9, the second Max2009.