This Banner Demos web site gave me a more tangible feel of the software and information portals we are soon to be using as well as an understanding of their capabilities from the end user point of view. With single sign-on, a student can check grades, register for a course, look up an advisor's contact from a directory, check his transcript -- all from one place. A faculty can manage courses, teaching and learning tools, and communicate with students.
Check out the "See it In Action" demos for the portals [Self Service] Banner and Luminis to get a better idea. The video segments run 5-10 minutes.