Perhaps i misunderstand what you mean, but if you are hiding read items there is an unread link in the upper left for all unread stuff..you dont have to go into each folder specifically. That option can be used for all feeds, inside collections, or for specific sites.
The more i get acclimated the more i like newsrack. I think i was just used to nnw before, and newsrack is way better. In every way.
Additiinally, after tht REALLY arrogant 'interview' on TUAW with the developer of Nnw who basically talks up gouging his customers and how much they are making...made me very happy i gave them no more money for their bug riddled software.
So I will go one further than the above poster, i actively discourge supporting nnw in any way, think they mess their cutomers about, know from iphone experience they don't fix bugs...stay away.
Oh and his assertion that $15 for a non universal newsreader should be a baseline norm..well, congrats on the money you have made already, i don't see too many people even paying $10 for a universal as more competition arrives.
I wonder when nnw will update thir paid iphone app, they probably will release it how tweetie did and charge for it again. Not that it matters to me, i removed it the day i bought newsrack. I'm just saying, it is very clear what they are all about, and post purchase support isn't it. Why fix long standing bugs on your widely used iphone product, when you can insted focus all your attn on pushing an ipad version out the door for three times the price?