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Understoodit.com is a new web-based tool for gauging students' understanding in real-time. Instructors pay a small monthly fee; student use is free. Students use their smartphones or laptops to submit an "understood" or "confused" status which is displayed in a graph that the instructor can monitor during a lecture or conference presentation. Instructors can gauge student understanding in real-time and tailor their presentations to ensure that the material is being communicated effectively.

See a demonstration video here: http://vimeo.com/41031546