Here's the slideshow from the "Keepin' It Real: Authentic Assessment" session as a free download. It has several useful links and a few funny videos too. More conference materials from other sessions coming soon!
"Competency-based learning is a proposed alternative to traditional K-12 advancement that allows students to progress at their own pace as they master the subject matter rather progressing after a fixed interval--a pre-defined amount of "seat time" in the classroom"