I dont want to post my portfolio but I think mine is done pretty well.  I wouldn't put school work in there unless there's something your lacking in pro practice that you think should be there (which might be the case).

Alot of it depends on what type of work youve done.  You want to be a right fit for the company your applying to.  I have a diversified portfolio with 4 or 5 solid projects that I spent alot of time on during my prof. career.  Each one either Civic, Educational, High rise residential, etc.  I then tailor it to the place I am applying.  So if the company does alot of high rise residential I will include those pages in my port., if not I might leave them out.

I would include one or 2 overall pictures of the project (either renders or built work).  A description of your role in the project.  Then some non-typical details you did.  Give a description and highlight interesting things about the project

Graphics are not as important in my opinion (unless your applying to be the 3dmax guy), but it is nice to see the project in one or 2 pictures.  Like they say a picture is worth a thousands words

this is an interesting thread for me --- i have about 6 years of professional experience then went back to school and will be on the job market again in about a year --- my professional experience included a lot of facilities evaluations, budget estimating, report and letter writing, some fairly detailed preliminary LEED assessments, a good bit of space planning and program development.  I have some design experience, some project management experience.  But most of my responsibilities are not anything that would make for a great portfolio.  At the same time, I think they are valuable from a business perspective.  One summer I managed a team of 6-8 architects and designers responsible for conducting facilities evaluations on about 4 million square feet of state facilities and produce a large quantity of documentation, reports, and booklets.  Not glamorous work, but valuable in that a lot of times these studies lead to future work.  How do you adequately present that?  That sort of work is more about managing relationships, working through state bureacracies and politics, and data gathering, assessment and synthesizing large quantitites of data.

ignore last --- i cleaned it up but the editing timed out --- thankfully i copied it --- here it is cleaned up

this is an interesting thread for me --- after about 6 years of professional practice experience I went back to school.  school is almost done and i will be on the job market again in about a year --- my professional experience included a lot of facilities evaluations, extensive budget estimating for facilities up to $60 million range, extensive report and letter writing, some fairly detailed preliminary LEED assessments, a good bit of early space planning and program development.  Basically, I ended up working on the front end of many projects, helping to land them, if you will, not through winning design competitions but through planning and conceptual services, studies, and evaluations.  I have some design experience, some project management experience on smaller projects (<= $5 million).  But most of my responsibilities were not anything that would make for a great portfolio.  At the same time, I think they are valuable from a business perspective.  For example, one summer I managed a team of 6-8 architects and designers responsible for conducting facilities evaluations on about 4 million square feet of facilities for our client and oversaw the production of a large quantity of documentation (spreadsheets, reports, and drawing booklets).  For that quarter, that one project, I was managing about 15% of the firms expected revenue.  I would have 6-8 things like this going at once, though most not of that scale.  Not glamorous work, but valuable in that a lot of times these technical studies either pay well or lead to future work.  How do you adequately present that?  That sort of work is more about managing relationships, working through state, municipal or corporate bureacracies and politics, and data gathering, assessment and synthesizing large quantitites of data.
 

student work shows things that early professional work does not.  i focus on academic work while making sure to show my skill set as a professional (4yrs, done w/IDP, built projects).  that said, i guess it depends on what kind of work you want to do...

I was at a corporate firm for four years straight out of school. The firm mostly did institutions, schools, prison, they were not badly designed nor are they cookie cutter but it is not the kind of work to be featured in Architectural Record. I spent most of my time doing details and production work. I want to transition now more to a design boutique firm and I want to know what is the best way to present myself?

Unless you have done notable work at your current firm I'd say stick mostly with your grad-school portfolio. It'd be the best to show what you're design skills are like if that's the type of work you see yourself doing in the future. What you show in your portfolio is what your prospective employer is going to associate with you. If all you show are a bunch of working drawings and details, it's doubtful they'd consider you for a design position (although they also might also need someone with technical experience - so don't count this out either).

Make it look like you have worked for more than four years.