I'm all for including a little more information on the unit icon. Part of that might be to include the labels from CMx1. I totally forgot about them but I usually had them on all the time, particularly in large battles.
I prioritize morale state and recent casualties taken. Firing I can see from tracers and smoke puffs. Movement is also not that big a deal for me, I can usually spot the little guys moving about or the general location of the icon moving. However casualties cropping up from unseen enemy fire or a panicked squad is something I really don't want to miss.
Thus I would suggest a red border appear on the unit icon when they take a casualty. It could fade away over a period of a minute (or slightly more to remain at the end of a WEGO phase). A yellow border with lower priority for incoming fire could be used simultaneously.
For other status reports I would like the labels just as they were in CMx1, they worked fine there.
Great and relevant discussion BTW! I think you have found the reason for why I don't play CMSF all that much after all. When I do it's PBEM where I review the turn many times to catch all the detail. I kind of lost interest in the campaign when I reached the big urban scenarios in the end.