The guiding of novices by experienced teachers is a principal component of the practicum in university-based teacher education programs, alternative routes to teacher certification, and programs of teacher induction and professional development. Novices learn by watching an expert teach and by being in turn observed and then receiving feedback on and support for their own instructional practice. There is, however, little information available about the processes involved in clinical supervision or mentoring. This report uses postobservation conferences between experienced teachers and novice teachers to begin to analyze the guided practicum experience. Six teacher educators discuss three practicum conferences and ask "What is being taught? What is being learned?" These analyses reveal differences in the way experienced teachers interact with novices, how they focus the conference, and how well they engage novices in reflecting on their practice. In the course of the analysis each of the teacher educators explains his/her individual perspectives on the role of guided practice in learning to teach. (Author/IAH)