Have you heard about Moofolio? It is a module (developed in NH) that goes with Moodle? to host electronic portfolios created by students. This is a very interesting concept that I think would be an excellent form of assessment.

Check out these sites:

http://www.k12opensource.org/spdc/moofolio/moofolio.html

http://orchard.spdc.org/moofolio/