The reading status can be exported using calibre and my Kobo Utilities plugin. This can fetch the reading status from the device when it is connected. It can do this for all books that are on the device that match with a book in the library. This can be setup to be done automatically when you connect or manually for a selected set of books. It can also restore the reading status to a Kobo device. This can be a new device, or after a factory reset.
For annotations, there is no good method. These are stored in the database on the device. It would be possible to export them and import them to the new device. And some people have successfully moved the database from one device to another. There is a little bit of work needed for this and it has been discussed a few time in this forum.
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