Whatever status allows me to read it and delete it on my phone and then download at home/work later.
I get a lot of emails on road and then need to follow up at home/office.
edit: Looked at the Touchdown video and was not sure if it required Msft exchange.. these are simple Pop3 accounts
Since you're using POP3, your options are going to be limited. You would have a lot more flexibility with an IMAP GMail account. Exchange not required. Plus, GMail is free.
From what you describe, a simple change in methodology would serve you better.
Instead of deleting the email from your phone after you've read it, why not just file it in a folder/label for review later when at home? You can move it from your Inbox (if you don't want to "see" it on the phone) and then review it from your desktop when you get home. It's everything you say you want, but without having to delete anything.
Google calls GMail folders "labels", because you can actually have an email "labeled" in multiple folders at once without making multiple copies of the same email. If you use the GMail app on your phone it's really easy. After you finish reading an email on your phone, simply hit MENU and choose CHANGE LABELS. Then uncheck "Inbox" and put a check next to your "Review Later" label (or whatever folder label you decide to call it). That will hide it from your Inbox and put it in the "Review Later" folder. Then you can go into GMail when you get home and re-read/review everything in your "Review Later" folder, and then do whatever housekeeping you want with it from your desktop.
The point is, POP3 is an ancient email protocol that isn't very good for sophisticated email management. Try GMail. It even allows you to funnel POP3 accounts to your GMail account so that everything is centralized.