My overriding thought is that it’s not good enough to simply provide ePortfolio functionality. If your aim is to provide a “traditional” ePortfolio, great – but if you’re simply ticking boxes to please institutions, you’re not going to engage students and your users are going to hate to use your software. Upshot: nobody will, unless they’re forced.
Again, it’s fine to provide traditional ePortfolio functionality. But you’ve got to make your system simple to use, and provide a compelling reason why they would want to do so. Is that really there in current systems?