I'm just completely lazy when it comes to this. I tag everything "Unread" when it comes into my library, then change the tag to "Read" when I read it. Sometimes I forget to update it later, but I just search for all "Unread" books every so often and skim the list for any I've missed, then do a bulk edit.
Some other marker for "Read" status might be nice, but I'm pretty happy with my own system.
I hid the ratings column because it's so subjective to whatever else I've read that day or week that I wasn't finding it useful. I had to shake my head at my own ratings sometimes. So I don't use that column at all anymore.
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