Google announced yesterday afternoon on Google+ that they have a new code snippet that will make checking the status of AdWords conversion tracking tags is faster and clearer.
If you add the code snippet to your page and then navigate to the page, Google will tell you within 60 minutes if the AdWords conversion tracking tags are valid or not. Plus, Google added a new column named "Tracking Status" to the AdWords report that shows you quickly why an invalid tag is invalid by displaying the timestamps for "conversion tag last seen" and "last conversion recorded."
Here is a picture of that report:
Google said:
Starting today, checking the status of AdWords conversion tracking tags is faster and clearer. Add a new tag (also known as a “code snippet”) to a page you’d like to track, visit the tagged page once, and AdWords will verify that the code works within 30-60 minutes. This will even work if none of your campaigns are running yet. If any issues arise, you can identify when they started using timestamps for “conversion tag last seen” and “last conversion recorded.”
Forum discussion at Google+.