Assessments

I just came home from a class in which we discussed reflective assessments.  The premise of the discussion was on the advantages of using reflective assessments in our classrooms.  Some of my fellow classmates, primarily Middle and High School, negatively talked about the amount of time it takes to do these types of assessments and their validity.

How do you feel about reflective assessments?  Do you think they have any value outside of elementary school?