What should be the role of the portfolio in teacher education? As an exit requirement for teacher education programs, the professional teacher portfolio is increasingly being tied to the accountability and standards movement, as well as to evidence-based practices. Despite becoming an all-too-common feature of faculties of education worldwide, uses of the portfolio vary widely. Pre-service teachers (its intended beneficiaries) are often those most mystified by the portfolio’s use and value; is there really a benefit or have we created more empty rhetoric? The Emperor’s New Clothes? demystifies the portfolio’s use by mapping out some of the key thorny issues that have troubled portfolios in teacher education. It also identifies creative alternatives to the status quo on learning to become a professional educator.