Is there a way to make the runserver command completely quiet or just display errors like 404 or 500 ?? verbosity option has no effect on it...
There is no way to make the command less verbose with options. You can however pipe the output someplace where you don't need to care about it. On Linux/OS X/*nix you can pipe the output to /dev/null with something like:
$ ./manage.py runserver > /dev/null
The equivalent on windows would be something like:
python manage.py runserver > NUL
One last note: If you are seeking to suppress the output as a matter of preference in your development environment, awesome! This should work for you. If you are seeking to do this for almost any other reason, it's probably a sign that you are using the dev server for something which you shouldn't. "./manage.py runserver" should never be used for anything other than local development.