Although the school-choice movement has spread quickly, little time has been taken to assess whether the claimed benefits of school choice have actually been realized. This policy brief summarizes empirical evidence to date and addresses the following questions: Who gains from school choice and who loses? Do innovative school organizations arise under liberalized market conditions? and Do children in choice programs learn more? The brief focuses on three programs--voucher experiments in Milwaukee (Wisconsin) and San Antonio (Texas), and magnet schools in Montgomery County, Maryland. Findings indicate that: (1) choice programs designed to select higher achieving students may shut out lower income families; (2) choice programs that provide greater cultural continuity between home and school may yield achievement benefits; (3) however, each school's particular ethnic identity may erode progress toward racial integration; (4) school choice does not guarantee greater parental involvement; (5) school choice programs generally have high levels of parent satisfaction; (6) the learning effects of choice schools are inconsistent; (7) market structures fail to operate in the absence of sufficient information about available educational options; and (8) when public school authorities fail to capitalize on the appealing features of choice schools--smaller enrollments, enthusiastic and experienced teachers, and distinct curricular identities--school choice will do little to diversify enrollments. Three figures are included. (LMI)