After lots of trial and error, these are the sheets I have been using for my guided reading for the past two years.  I anticipate improving them each year but for now I love them.  I am able to use the page on the left for lesson plans and to quickly see who is in which group (but they learn quick and help each other).  I use the page on the right (I have one for each group) to take notes when they are with me.  I copy them back to back and print both of these in color (there is barely any color on them), and I DO put anything I observe – good and bad on these sheets.  I figure, they are mine so I want as much information that can help me.