They're actually pretty nice little portfolios. The front page is a clear plasticky page, which shows the cover page behind it with whatever photo you choose, as well as a caption, like "Katie Smith" (first line), "Senior 2006" (second line). Then each page after can have from 4 to 12 images (I usually do 4 so they print their biggest). It's a soft spiral bound folio. My only gripe is that they don't do anything to make sure the spiral binding stays put. With enough handling, it starts to wriggle it's way out. Also, they're pretty flimsy, so they can't stand up on their own without some sort of easel. But as far as printing, each page is like a digital contact sheet, and you have the option for the file name to be printed underneath, and since I label all the photos from "000" to whatever, it makes it easy for the client to choose what prints they want to order.
When I do a photoshoot, I usually offer one of those, a photo CD, and then prints are extra.