This will be my second year doing it! (2nd grade now 3rd grade) I have been in the classroom during different events taking pictures. I have also taken pictures of the school, the grounds, the hallways, etc. Lots of "filler" pictures.
I have a 12 x 12 top loading book for this year. Closer to the end we will send a page and a page protector home with each child. They can add pictures, drawings, poems, a letter, whatever they want. The ones last year were very touching.
I will do themed pages for some of the events - holiday party, valentines day party, etc.
On the last page last year I had the bottom border of a beach and a lighthouse - the teacher loved lighthouses - and I put the saying: No more students, no more tests, now Miss ****** gets to rest!

If you check around the web ou can find teacher and school quotes. I will try to add a couple this year. Last year the scrapbook idea was thought of during the end of the year - this year we started early.
If you are going on field trips make sure to take pictures. If you can get into the school make sure to take pictures. It helps when you have a lot of photos to work with. I also get double prints and at the end of the year I pass out envelopes to the kids of their pictures.
Hope you have a good time with it! I really want to get started soon with this one.
Jill