The output line shows the following:
(5s):1713.6 (avg):1707.8 Mh/s | A:729  R:8  HW:0  WU:22.53/m

Each column is as follows:
5s:  A 5 second exponentially decaying average hash rate
avg: An all time average hash rate
A:  The total difficulty of Accepted shares
R:  The total difficulty of Rejected shares
HW:  The number of HardWare errors
WU:  The Work Utility defined as the number of diff1 shares work / minute
    (accepted or rejected).

GPU 1: 73.5C 2551RPM | 427.3/443.0Mh/s | A:8 R:0 HW:0 WU:4.39/m

Each column is as follows:
Temperature (if supported)
Fanspeed (if supported)
A 5 second exponentially decaying average hash rate
An all time average hash rate
The total difficulty of accepted shares
The total difficulty of rejected shares
The number of hardware erorrs
The work utility defined as the number of diff1 shares work / minute

The cgminer status line shows:
ST: 1  SS: 0  NB: 1  LW: 8  GF: 1  RF: 1

ST is STaged work items (ready to use).
SS is Stale Shares discarded (detected and not submitted so don't count as rejects)
NB is New Blocks detected on the network
LW is Locally generated Work items
GF is Getwork Fail Occasions (server slow to provide work)
RF is Remote Fail occasions (server slow to accept work)

The block display shows:
Block: 0074c5e482e34a506d2a051a...  Started: [17:17:22]  Best share: 2.71K

This shows a short stretch of the current block, when the new block started,
and the all time best difficulty share you've found since starting cgminer
this time.