The beta being tested has annotating and highlighting but at this point, only for kepub books. When we were given the beta for testing, the hope was to get it out quickly--I'm not sure, of course, how long it will be now that we have given our feedback. I do know that occasionally what appears to be a small issue can take a bit of time to fix. Then again, it could be released tonight. I have no insider knowledge on either possibility.
I have no idea whether highlighting and annotation will be available for other formats, either. I do know that when a Kobo staff person says something is coming--you can count on it.
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