The Activities portion of the specs hasn't been implemented yet, which is why nothing happens. Don't ask for an ETA - there isn't one yet.
As far as seeing your own actions - normally you can't. Presumably you know what you did, so why should you be reminded? Once the Activities code rolls out, you can use FetchActivities to display your activities within an App, as sort of a 'History' option. I'm not sure what they will include though - we'll see when it's implemented.
*Editted to Add*
Well, speaking of Friends Updates - MySpace Tom (not to be confused with our own lovable Tom of Tom's Apps) just posted a blog about them, along with a poll about whether or not a seperate module should be added so you can see your own Updates: http://blog.myspace.com/index.cfm?fuseaction=blog.view&friendID=6221&blogID=373764681
Rock the vote.