What are you looking for when reviewing a portfolio

This week after hearing a Creative Director for a local design agency I couldn't but wonder what "Professionals" are looking for when hiring new designers. Constantly pounded into the heads of student designers is a fear for ever making a mistake, a misplaced hair will end their career. While I can't stress how important proofing is, I just want to present the question to those creative professionals, What are missing out on by looking only for errors. Students in creative fields are taught to think critically explore new modes and methods for communications, and as part of this process they are taught that faliure isn't always a bad thing. So the next time you get a portfolio in the mail with an attached resume relax open it up and take a moment to flip through it, knowing that the sender really ment to call it a résumé.