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Here's a great tip that I'm always surprised more people don't know about. When you are applying ratings, flags, or color labels to a large batch of images you can give yourself a speed boost by first engaging the caps lock key.
Once that is turned on Lightroom will automatically advance to the next photo in line after you applying the rating, flag, or label. This makes it a snap to breeze through lots of images using keyboard shortcuts:
0–5 for rating stars
6–9 for color labels (red, yellow, green, blue respectively)
P for Pick flag
X for Rejected
U for Unflagged
Note: You can achieve a similar end by checking Auto Advance under the Photo menu, but caps lock is faster for all you shortcut junkies.