The curriculum research and development work undertaken to facilitate the implementation of a portfolio assessment strategy, as an integral component of a Project 2000 course, is described. Many excellent assessment schemes have floundered at the point of being put in to use, thus the question of consultation, reflection and preparation needs to figure from the early stages in the scheme is to be successful. This should include in-service education for nurse and midwifery educators and preparation of students. The principle questions explored in the paper are: What educational values do portfolios have? Against what criteria should students make decisions in relation to content? Against what criteria are educators to assess portfolios? The issue of evaluation of portfolio schemes is likely to determine whether portfolios maintain the important place they have captured in the nursing and midwifery education imagination. Finally, it is argued that innovations, such as portfolios, should be seen as catalysts, as points of departure, rather than as things to be implemented.