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As you say, Books -> Device -> By Recent first lists ebooks you have opened (in last read order) and then lists "new" ebooks (ones you have not opened). I have "new" ebooks that are months old. There does not seem to be any particular order to the "new" ebooks.
The "new" ebooks do not have a .mbp file, and the opened ebooks are sorted based on the last modify date of the .mbp file (or perhaps the same date inside the file).
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