This paper reports on a pilot project conducted at the College of Education, Wayne State University (Michigan), to explore the potential of the portfolio process as a tool for assessing the professional skill development of student teachers and the effectiveness of the teacher preparation program. Project goals included the promotion and development of reflective, innovative professionals; provision of concrete evidence of student competency; and enhancement of collaboration with schools. A framework is provided for discussing implementation of the project, staff and student orientation, and recruitment of university faculty and school personnel as reviewers. Over 200 students presented portfolios before a 2-member review team composed of university and school personnel. Following the presentations, reviewers and students were given reaction sheets to record assessments of the overall process as well as of individual presentations. Responses suggest that most students felt the portfolio presented an accurate picture of their skills and experiences; reviewers indicated that a strong sense of collegiality emerged during the review process. Informants' suggestions will be used to form the basis for policy recommendations in future rounds. (LL)