On each page, the pupil can place an image. This could be a written assignment, a picture of a group assignment (otherwise difficult to share out!), a project done in art class or video recordings. All of which can have text added.
The entire portfolio can be played back later and remains a permanent record of a pupil's or group's work. You can create a folder containing all the material in the student's portfolio and then create a CD for students to take home and share with parents.