hehe - yeah, I hear you. If you're not familiar with ePortfolios then most descriptions sound like heaps of buzzwords from a different industry :)
Speaking as a teacher, I know what an ePortfolio is (more or less), so let me take a shot at explaining it. But instead of re-typing stuff, let me start with stuff from the "ePortfolio" page on wikipedia:
"An electronic portfolio, also known as an e-portfolio or digital portfolio, is a collection of electronic evidence assembled and managed by a user, usually on the Web. [...] E-portfolios are both demonstrations of the user's abilities and platforms for self-expression. [...]
An e-portfolio can be seen as a type of learning record that provides actual evidence of achievement" (http://en.wikipedia.org/wiki/Electronic_portfolio)
At the end of a traditional school experience, most students have a GPA/transcript, and whatever they've put on their resume. However in some fields (like art, or so I'm told :) ), grades aren't as useful to employers so students instead built up portfolios of their work - collections of good stuff that they've done that shows off both how skilled they are, and what their style is. This way the advertising agency doesn't waste time on the kid who's got a 4.0 but really wants to do Goth/emo illustrating for comic books, etc.
An ePortfolio takes this idea online, obviously. I've also seen it used for fields that don't traditionally require portfolios, in an attempt to make the school experience more "real world-y" ("look - our students are doing real things, not just taking exams! Look at the real things they're doing!"). It's not a bad idea, but has a number of problems/challenges in it's implementation. The biggest problem is that if your field values portfolios then you're probably doing it already. And if your field doesn't (like mine - computer science) then interviewers/grad schools don't really care that you're doing it.