"Conovate is a platform for real-time assessment, analysis and reporting of student performance by skill and over time. Our free teaching tools are easy to use, reduce paperwork, and can be used to supplement and assess learning in and out of class, providing instant access to student progress for individualized instruction." It is provided on an Open Source Platform, so it will be free for teachers, students, and schools. It is currently in Beta, so you would have to sign up to be added to a list.
Through Conovate, teachers can create quizzes and students can take them online or they can be printed off and copied. Since it is like a community, teachers can find questions that other teachers have created. The benefit will be that it allows teachers to track student responses and gauge the time they spend on each question (if they do them online I assume), therefore learning where students are struggling, and then provide intervention.
To learn a little more visit their main site and see the features available for teachers and parents. There is also a Prezi that explains what they intend for the website to do. It will be interesting to see what becomes of this Conovate. Teaching AP next year, I could see this being used to see where students stand.