Carman, 

Man, I quite like the report card thing - doing and finding the thing that one likes makes it simple (and fun) to do well.  And those things are reflected positively in the report card.

As now-out-of-school people, I wonder what the good, objective measurements are?  (BTW, I'm not saying that report cards are always a good measurement)  Money in the bank?  Number of Facebook/Twitter Friends? Number of kids?  Number of friends the kids have? 

. . . or is it completely subjective:  "My current life-report-card has all A's because I feel good about things."

I'm not too sure which is better, but the engineer in me always tries to find that objective measurement.