As in most professions, there are clear tensions in medicine in relation to what should be assessed, who should be responsible for administering assessment content, and how much evidence should be gathered to support the evaluation process. Although there have been advances in assessment practices, there is still room for improvement. From the student's, resident's and practising physician's perspectives, assessments need to be relevant. Knowledge is certainly required, but there are other qualities and attributes that are important, and perhaps far more important. Research efforts spent now on delineating what makes a good physician, and on aligning new and upcoming assessment tools with the relevant competencies, will ensure that assessment practices, whether aimed at establishing competence or at fostering learning, are effective with respect to their primary goal: to produce qualified physicians.