If i were to use raw more i would probably create a jpg to represent the raw file, and assign all categories to this jpg. IPTC could be copied from the JPG to all versions, including the raw file. The raws could be ofline in this scenario.

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Then a yellow tag...to indicate it's been rated?

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I just assign a Label yellow to all Rated images, makes them stand out in the crowd

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I think I'll just drop any text (maybe use one of the User tabs & a ptm file for that).

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That's what i'm doing.