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I like the sound of that policy -- for some courses, it would work fine. For other, there might be problem:

* Some courses are hard enough, and many undergraduates are undisciplined enough, that a lot of students would end up failing. Of course, when this happens, the professor gets a whole bunch of reviews back telling him that he taught badly.

* Sometimes exams aren't the best setting for evaluation.

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1) I dislike the current organization for college+ level schools. That's an entirely different issue. And, given that this approach is a bit... liberal in its views of students, it's less likely to be taken by anyone without tenure. In which case they're nearly immune to feedback like that if they can demonstrate their system. At least, in my experience.

2) Yeah, but then you're in an entirely different style of class, and it probably doesn't have a lot of busy-work homework like objectively-testable (if there is such a thing) classes can generate. Though please, point some out to me if you've had any, I'm quite interested in how education is handled :)

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