I\'ve got a table that looks like this:
CREATE TABLE IF NOT EXISTS `Hosts` (
`id` int(128) NOT NULL AUTO_INCREMENT,
`IP` varchar(15) NOT NULL DEFAULT \'\',
`         
        
You must remember that if no value was changed on update it won't set the current time stamp,
You have to set the value in query NOW() to set for the current time stamp !!!
update Hosts set Backupstatus = 'FAIL',Lastconnection = NOW() ,  Backupmsg = 'Connection timed out' where Tid = 'SITE001'
Remember the value must change in order for the current time stamp to change.