Question : What is the difference between Ethernet Port "status-up, Protocol=down" and "status-down, Protocol=down"

We have a cisco 2821 with an HWIC-1FE ethernet module.  We get "status-up, Protocol=down" even if no cable is connected to it.  This is different from our 7206, which gives "status-down, Protocol=down"  if we disconnect the patch cable from a similar port.  Is the link status up/down device dependent, and not "standard" based on cable presence or something?

FastEthernet0/3/0          unassigned      YES manual up                    down
FastEthernet0/3/0.1        172.16.223.69   YES manual up                    down

Answer : What is the difference between Ethernet Port "status-up, Protocol=down" and "status-down, Protocol=down"

That sounds like the port may be bad.

FastEthernet0/3/0 is up, shows that the physical layer is up, it is seeing an electrical signal from another device.

Line protocol is up shows that a layer 2 protocol is working between the devices and it's receiving keepalives.

I'd open a TAC case to get that module replaced.