We have a Junior Qualifying Exam at Reed, which in our department takes the form of an oral exam based on a recent paper from the primary literature for each student.  I just finished picking 4 papers for this year's crop of inorganic junior quals.  The students have 3 days to learn everything they can about the paper before the oral exam in front of 2 faculty.  Several of these choices were inspired by talks I heard at the ACS Salt Lake City meeting.