This is a good point. For our senior design class we were required to create an end-of-semester design report, which our grade was partially based on. Likewise for juniors doing independent studies, a summary report was required as a deliverable. Unfortunately it was usually put off until the last minute (or week) and didn't get any real critique before we submitted it.Finally - the most important thing --
The real reason I think all the successful teams stay successful is that they have very active mentors and faculty advisors around to carry information from year to year. I have yet to figure out how to get students to document anything (if you guys figure it out let me know-most college students suck at writing -don't take my post as a reflection on my writing skills either). The most we ever do is a design report (which btw takes at least a month to do and I would guess probably has 400 hours into it).
Wound up being very lengthy with lots of text. Very wordy. Almost a discussion. Not an effective technical document. In retrospect it would have been good if the deliverable was pushed more with required review points.
At one point we had kicked around the idea of having an 'alumni advisory board' which would have been good.
All a moot point now with the program canned.