Peer Observation of Teaching has raised a lot of interest as a device for quality enhancement of teaching. While much research has focused on its models, implementation schemes and feedback to the observed, little attention has been paid to what the observer actually sees and can learn from the observation. A multidisciplinary peer observation of teaching program is described, and its data is used to identify the pedagogical aspects to which lecturers pay more attention to when observing classes. The discussion addresses the valuable learning opportunities for observers provided by this program, as well as its usefulness in disseminating, sharing and clarifying quality teaching practices. The need for further research concerning teacher-student relationships and students' engagement is also suggested.