When I'm switching between multiple books in my Reader, I use the "All Bookmarks" menu (hold down the Mark button to get to it, or click the menu button once if it's the last menu you were on). Of course, that only works if you set bookmarks at your stopping place, and also if you
remove old bookmarks as you go. I'm a bit compulsive about my bookmarks (only partly because I use this technique), so it works well for my purposes.
However, I don't mean to detract from what you were saying -- the "Last Read" feature alone would be a big improvement, I can see that easily.
