I don't think that I have the full concept of The Learning Record, but it seems that it may be somewhat similar to portfolios?  It clearly focuses on growth, learning and activity rather than simply preparing for a standardized test. 

It also seems to be in place in a university setting, but I wonder if it can't be implemented in a secondary situation pretty easily?  Computer access may be an issue for some schools -- my own included, but I think that it could be possible?