With a great deal of fanfare, the National Center for Public Policy and Higher Education released its national higher education report card, "Measuring Up 2004," in mid-September. The report, the third in a biennial series, issues grades to the 50 states in five primary categories: (1) Preparation: How well are young people in high school being prepared to enroll and succeed in college-level work? (2) Participation: Do young people and working-age adults have access to education and training beyond high school? (3) Affordability: How difficult is it to pay for college in each state when family income, the cost of attending college, and student financial assistance are taken into account? (4) Completion: Do students persist in and complete certificate and degree programs? and (5) Benefits: How do workforce-trained and college-educated residents contribute to the economic and civic well-being of each state? In this article, the author describes how "Measuring Up" can become a useful tool for identifying and underscoring issues for the education policy agenda. However, he contends that it is an instrument best suited to be the starting point for policy conversations, and not the final authority.