[Ken Case]

I don't use any on-hold contexts; instead, I put something on hold for a specific period of time by setting its start date to "+1w", "+1m", "+1y", "+20y" or whatever.

That said, we've already unified the status model of actions, projects, and folders for OmniFocus v2, so you'll be able to put actions on hold or change their status to dropped. (Before someone asks: we're still busy putting OmniFocus v2 back together after that change and others; we don't have an estimated beta date yet. Still have 1.7 to finish first!)