This article examines teachers' perceptions of, and experiences with, professional development opportunities involving a school-based project on peer observation of teaching. The study aims to reveal the ways in which seven teachers in one primary school in Cyprus see themselves as agents improving their own and peers' teaching through informal exchange of visits to each other's classrooms. In-depth interviews suggest "superficial" implementation of peer observation practices, often involving physical presence of teachers in colleagues' classes but failing to suggest enhanced collegial reflection through construction or deconstruction of personal meanings. The establishment of schools as professional learning communities is further discussed. (Contains 3 figures.)