Eportfolios serve as assessment tools for students, allowing them to collect evidence of learning and reflect on their experiences, while also functioning as professional portfolios for teachers to showcase their skills to potential employers. The document discusses various formats and platforms, such as epearl in Manitoba and online tools like WordPress and Google Sites, for creating eportfolios. It emphasizes the importance of keeping portfolios dynamic, current, and visually appealing, along with essential content like personal information, goals, experiences, and reflections.