Significant changes that have occurred in the evaluation of overall faculty performance and classroom teaching performance between 1983 and 1988 are discussed from the viewpoint of a 1988 study that surveyed all accredited, four-year undergraduate, liberal arts colleges listed in the "Higher Education Directory". For years, faculty evaluation has carried the cachet of serving a useful purpose, but never before has it carried the make-or-break intensity it does on the campus today. How an institution appraises a professor's performance has assumed new importance since a professional life may depend on it. Significant study findings include the following: classroom teaching is the most important consideration in the evaluation of overall faculty performance; systematic student ratings are the second most important information source in appraising classroom teaching performance, faculty committees are crucial in evaluating teaching; self-evaluation has picked up considerable support; and classroom visits have gained significantly in importance. Since 1983, only limited change has taken place in the evaluation of overall performance, but considerable change has occurred in the evaluation of classroom teaching. A direct outgrowth of improved evaluation practices will be improvement in teaching performance. Tables are included. (SM)