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They will be marked as read, but they will remain "bold".
If that is the case, where is the little down arrow to the left of the thread title, that takes the user to the first unread post in the thread? The whole advantage to marking as "read" long, ongoing threads, is to be able to jump back into the thread at the point of the last read post.
No, that takes you to the last post in the thread. The missing one is to the LEFT of the thread title. It takes you into the thread to the point you last read.