A field based teacher education program, conducted through Kent State University and designed to prepare preservice teachers for urban settings, is the subject of this report. The paper is divided into three sections. In the first, the project is described with emphasis given to student teachers' performance, effectiveness, and role perceptions. The second section consists of a cost analysis comparing the field based project to conventional on-campus teacher education programs. Information is provided regarding the projects earnings/losses, student credit hours produced, income to salary ratios, two year costs, and comparisons with other field based courses taught at Kent State. In the paper's third section, the urban preservice teaching project is analyzed with respect to both historical antecedents and current developments in teacher education. The project is examined from the perspective of (1) nine generic models for teacher education funded by the U.S. Office of Education, (2) the guidelines of the Ohio Redesign for Teacher Education, and (3) the Kent State model for teacher education. In addition, the urban project is considered in light of the "process-product" and "time on task" dimensions of research on teacher education. (Author/GC)