Once you have launched an instance, you can monitor the instance by going to Monitor->Deployable_name. The Instances tab shows the status of the instance, including the IP address and state. When the instance is in the EC2 cloud, the Stop button will Terminate the instance. This will leave the machine in an unrecoverable state. The Stop button should stop the instance so it could be started at a later date. At the very least we need a warning about what this button does.
There is also no way to start them once they are shutdown. If you poweroff a machine and start it again, it may get a different IP address (as with EC2). Once it gets a different IP address, there is no way to manage it in CloudForms. Perhaps this is desired behavior? Reboot or terminate a machine, otherwise, create a new application.
Support for stateful instances, which can be stopped and restarted later (as opposed to immediately rebooted) is planned for future releases.