See "Method to Grade Teachers Provokes Battles", Sam Dillon, New York Times, 2010-08-31.
Supposedly somebody's come up with a way to accurately grade teacher performance, but others find many flaws in applying the measures.
However, the major flaw is that teacher performance can be measured on how students perform on standardized tests. Passing tests is not what made this country great; it was learning to be creative.
Furthermore, if you look back at your own education, which teachers do you think were most effective. Those who prepared you for tests or those who put a dream in your head? Who do you remember best? Miss Grumpy who made you an expert on parsing sentences? Or Frank McCourt who taught you how to tell your own story?