3
There could be two ways of doing it by using existing modules:
1) Use something like News, where you define categories (e.g. Submitted, In Review, Returned to Author, Accepted, etc). The author submits an article, and the Admin/moderator can change the status by moving the article to another category.
Authors would have special rights to see the status (e.g. Category) of their acticles
2) Another approach would be to use a Bug Tracking modules (e.g. xHelp), where you can assign categories, and then track the article similarly to how you would track a Bug, by assigning it to a new category.