I don't have any problems with it, I set it up for 2 accounts, one Gmail and the other my own domain email address, both Imap, I didn't use the MFE,
Yeah I'd like it to say you something like "you have 3 emails" but its not really needed as if there is any unread messages in any of the folders the text changes to blue so you know to look in that folder.
I have mine set to update every 15 mins
Works well for me

Edit - Just noticed when you open an account up it does say to the right of the inbox "X read message"