Is it possible to have more “levels” of draft/published statuses?

Is there any way to have more post statuses other than just draft or published?

For example, if you write a lot of posts, you may wish to type up all the content, and set the status of these posts as “Content – Drafted”

Then you can re-style them, make text bold, add code highlighting etc, and set to “Styled – Drafted”

Then as a final review you could set status to “Reviewed”

Then finally, publish them

Is it possible in the current wordpress version 3 to achieve such scenarios?

I found this plugin called EditFlow that says it allows you to add custom statuses. Apparently it’s designed for use in a newsroom. (FYI, I searched the WordPress plugins directory for “custom post status.”)