When you make a comment on someone's profile, it says that they reply to your status. Is it possible to change that to "[username] replied to your comment on their profile"? The blue parts are the links to their profile and the comment.

Also, it would be great if emoticons could be used in status updates and status update comments.

What is the exact current string when someone reply to a status update? Unless there is something grammatically wrong with the current string, then I see no reason for IPS to change it. 

You can change the string by editing your language pack. You can't add additional dynamic links that are not already supported. In IPS 4 there is only one link per notification title, while in IPS 3.X it's multiple links.

My experience with multiple links in these notifications from IPS 3 is bad in my opinion. I found that members experienced it as more confusing than useful. The notification titles should be simple in nature, it should give you a link to what you're notified about. If you then need to visit the member profile, just follow the notification link and then click the profile link from there.