Hi
Yes, Business Views do provide a greater flexibility to do reporting. I have used them extensively.
There is a standard Business Views template provided for extracting Test Instances with their Runs - which I have used, but only to extract all run details. Again there is no identifier to flag a run as the latest. However, you could extract all the data and then write a simpy macro to create a new sheet with only the last run for each Instance. This would be much easier than trying to write workflow to track in ALM.
Happy to write the macro if needed
Thanks
Martin
NOTE : The views expressed here are entirely my own