This may be useful for people finding this via google. Simply uncomment the example you want to try out. Of course, feel free to rename the output files.
#!/bin/bash
STATUSFILE=x.out
LOGFILE=x.log
### All output to screen
### Do nothing, this is the default
### All Output to one file, nothing to the screen
#exec > ${LOGFILE} 2>&1
### All output to one file and all output to the screen
#exec > >(tee ${LOGFILE}) 2>&1
### All output to one file, STDOUT to the screen
#exec > >(tee -a ${LOGFILE}) 2> >(tee -a ${LOGFILE} >/dev/null)
### All output to one file, STDERR to the screen
### Note you need both of these lines for this to work
#exec 3>&1
#exec > >(tee -a ${LOGFILE} >/dev/null) 2> >(tee -a ${LOGFILE} >&3)
### STDOUT to STATUSFILE, stderr to LOGFILE, nothing to the screen
#exec > ${STATUSFILE} 2>${LOGFILE}
### STDOUT to STATUSFILE, stderr to LOGFILE and all output to the screen
#exec > >(tee ${STATUSFILE}) 2> >(tee ${LOGFILE} >&2)
### STDOUT to STATUSFILE and screen, STDERR to LOGFILE
#exec > >(tee ${STATUSFILE}) 2>${LOGFILE}
### STDOUT to STATUSFILE, STDERR to LOGFILE and screen
#exec > ${STATUSFILE} 2> >(tee ${LOGFILE} >&2)
echo "This is a test"
ls -l sdgshgswogswghthb_this_file_will_not_exist_so_we_get_output_to_stderr_aronkjegralhfaff
ls -l ${0}