Standards based report cards

We are having a wonderful summer here in Tennessee. We have had a great break so far. Our school is moving to a standards based report card. We have been working on it all summer.  I know a lot of schools have them and was wondering how you like it. Do you like them better than the normal grades based report card. We are having to do both this first year and are feeling a little overwhelmed before the year has even started. Are we moving in the right direction?
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