Preservice teacher researchers investigated the effectiveness of a Professional Development School (PDS). They began by reviewing information about other PDSs, then conducted a literature review. Their evaluation involved teachers employed at a local PDS, teachers who had taught students at the PDS, undergraduates who had participated in field experiences at the PDS, district administrators associated with the PDS, and professors who had taught methods courses at the PDS. Five telephone and interview instruments were developed. Overall, most teachers felt that the school's administration supported the PDS partnership, and the university partner provided support. They felt strongly that teacher candidates from the PDS partnership were better prepared than they were prior to the partnership. While teachers believed that parent involvement had not increased as a result of the PDS, the other respondents believed there had been an increase. Program graduates all said that they would recommend the PDS to others. Undergraduates believed that the university methods classes had prepared them to meet diverse students' needs, and they were excited to be part of a PDS. Professors stated that the greatest challenges to success were finances and personnel changes. Administrators praised the concept of the PDS and the school-university working relationship. (Contains 10 references.) (SM)