This report describes a portfolio review process used as an admission requirement for preservice teaching internships at a college of education. The study began during the fall semester of 1994 and is continuing. Data sources include formal and informal interviews, surveys, documents, and field observations. The research shows that teaching portfolios are constructive instruments for instructional improvement and authentic assessment, and that they provide a substantive catalyst for faculty professional dialogue and development. Program development occurs as faculty and peer reviewers consider selective, evidence-based information from a variety of courses taken by the preservice teachers. Student gains include a head start in shaping a career based on continual improvement. As school districts implement portfolio assessment, it becomes more important for preservice teachers to have this exposure. Some students also use insights from the portfolio evaluation to decide that they are not ready for the internship experience or to make a change in career goals. Negative aspects include uneven faculty workloads and lack of inter-rater reliability. (JLS)