Hi Jim,
I agree with you. I always wanted to keep my finger on the pulse of the class. As you know each class is different and when it merges into a learning community it has its' own personality. Through constant feedback I could determine just what was needed for that specific class. In addition, I could focus on any people issues that were floating around in the class.
I always had a formal evaluation at the end of the course because I was required to, but the real feedback was that information I collected during the course. I had the students give me feedback on 5x7 cards after assignments, case studies, projects, etc. All comments were anonymous. These really helped me to reassign or reformat my requirements when I needed to or they reinforced the fact that I was making the right kind of assignments.
Gary