For those of you who have gone down this path, or are considering it now - a few questions.
Who was your primary audience? From my research the consensus appears to be current students, faculty, staff and visitors. Only a few had any specific content for prospective students. If prospective students were in the mix, what types of content were you using to attract/serve them?
What vendors were/are under consideration? Looks like TerriblyClever was purchased by BlackBoard this past summer. They appear to have the most clients at the larger institutions. Were any other vendors on your radar?
Any pitfalls you wish you knew in advance?