Isaac - You've got two good answers to your question. About the only thing I would add is for you to ask either your REALTOR (if you are working with one) or the owner (if it's a FSBO) what the status of your offer is. If the latter, it possible that it was YOUR offer that put the house in Pending status? You really do need to communicate to find out the status of your offer, because if another buyer made the accepted offer and the owner/REALTOR think it's strong, you may wish to continue your house search rather than waiting to see if the deal falls through.

Hi Isaac,
How are you? "Pending Please Show" is to let you know the Seller accepted a contract on their home and that the home inspection & financing contingencies have not been removed. This allows the Seller to have showings on their property in case it may fall out of contract.

Isaac,
The "Pending Please Show" means there is an accepted offer on the property with some contingencies (inspections, financing, etc.) that haven't been removed yet. It allows the seller to continue to market their property on the off chance the deal falls apart.

Isaac,
Generally 'Pending Please Show' means there are outstanding contingencies on the contract such as inspections, loan approval or an appraisal. The seller wants to continue showing the property and possibly take a back up offer until all contingencies have been satisfied. Once that happens the status should be changed to 'Under Contract.'