I went on and on a couple of months ago about demo reel creation I even got a nice response, which is a shock since I didn't (and still don't) think more than two people will ever read this blog. Anyway, before I graduated this December (yay!) I had to have a portfolio review with three of my teachers. Talk about nerve wracking! You start looking at your demo reel and you notice all of these things you never noticed before, and you go insane trying to tweak them.
I, for one, think that's awesome. I spent a lot of time taking things out, reworking things, I even redid a couple of the shots trying to get everything perfect.
Of course, nothing ever is perfect and my teachers had quite a few things to say about my reel. It needs more diversification, so far I only have one project in there, even though I've worked on more. There are some unnecessary shots, and some that either need to be cleaned up a lot or dumped. I also heard that I should include some of my scripting work/tools I've developed using MEL. Learn Python, etc.
It was great hearing what they had to say. While I'm proud of my work (I wouldn't have put it up if I weren't), I can see where I really need to do better. It's great to get a fresh pair of eyes to look over what you've done. Sometimes you've fallen in love with a piece that you seriously need to divorce. I've sent out my demo reel, because why not, but I really hope I can have some amazing new things in the next couple of months.