Cannot see On Hold column in Views 3
I believe the difference maker here is the CiviCRM Entity module.  I have two Civi installs, one with it installed and one without.  The install that has CiviCRM Entity has "CiviCRM Email: On Hold" as a field, just like Catorghans' answer indicates.  The install that does not have the module only has the Email fields listed in your screenshot.

If you are able to install the module, Mark, I think you will find your solution.  It is an excellent module that exposes a significant number of data fields to Drupal and Views.  Out of the box only certain fields are exposed to Drupal as usable fields.