Triaging bugs refers to the process of assessing the severity, priority, risk and effort to fix of a bug. This field is designed to track the state of that decision process.
I'd interpret them as follows:
Pending - means the bug is waiting for a decision on whether or not to fix it.
More Info - means you need more info to make a decision. The owner of the bug is supposed to provide the additional info and reset the triage state to pending.
Triaged - means a decision to fix (or not to fix) the bug has been made.
I'm not sure what Info Recv means - check the process guidance.
Brian
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