The Presidential Young Investigators (PYI) program of the National Science Foundation (NSF) has the goals of attracting and retaining outstanding young faculty members in science and engineering, improving the research capabilities of academic institutions, promoting research funding from the private sector, and fostering cooperation between academia and industry. This report assesses the program by comparing the progress of 388 members of the first two PYI groups with 204 comparable PYI nominee finalists and 197 NSF grantees of similar backgrounds. The study also surveyed individuals who had contact with PYIs. The study examines how they compared in terms of the scope and pace of their research; career progression; development of linkages to, and funding from, industry; and the balance of teaching and research in their activities. Findings indicate that the PYIs were more likely than the other groups to have gained tenure and full professorships. Greater percentages of PYIs reported changes in the direction, pace, and "riskiness" of their research than did regular Grantees, but so did a comparable percentage of Finalists. The program was successful in securing research funding from industry. Department Chairs and faculty colleagues of PYIs found that the program had a positive impact on research quality, but did not indicate a positive impact on effect on teaching, collaboration among faculty, and attracting students. (JDD)