This study surveys the history of school finance equity in Illinois after the major reforms introduced in that state in 1973 and then evaluates the success of the Illinois general grant-in-aid system. The authors describe the reform coalition that altered Illinois school funding in 1973 and trace the rise and subsequent erosion of those efforts. Using both disparity and fiscal neutrality indexes, the authors analyze distribution of general state aid and local revenues over the 11 fiscal years since 1973. Most of the indexes show the effects of the 1973 reform to have been lost in elementary school funding as early as 1980, though some gains may still be found in high school funding equity. A prognosis for future reforms in the political climate of the 1980's is included. (JW)