I'm sure most people will give generally similar answers, but here's the list I have under my monitor;
No rating Record or test shot, no photographic merit
* Acceptable, nothing great, but may be usable in conjunction with others
** OK, usable, but no great headline shot
*** Good,
**** Very good
***** Excellent
Complete no hope'rs are deleted after import. Anything really good or interesting also gets a red label (other coloured labels are used for noting sets like panos, needing work or needing external PP)