This study examined the attitudes of elementary school teachers and students toward portfolio assessment. A total of 11 teachers and 116 students in grades 3 through 5 responded to open-ended questions regarding the benefits of portfolios for highlighting students' written work. Teachers were asked about the strengths and weaknesses of portfolio assessment and their benefits for teachers and students, while the students were asked about the standards they employed for selecting their best writing (which appeared in a student literary magazine) and how they might improve the work they selected. The study found that while some teachers noted that they did not have enough time to manage portfolios, most listed numerous benefits for both teachers and students in using this assessment technique. Portfolio assessment also revealed that students' standards for their writing differed according to age. Younger students noted the length of their selection or the presence of humor as the main criteria, while older students cited their interest in the essay topic or its meaning to them as the most important selection criteria. Summaries of selected teacher and student responses are provided. (MDM)