If I think about portfolio I always think of views_slideshow or jcarousel.
I also think some kind of slideshow would be cool in the portfolio distribution, but I;m not sure about the module you propose. I used Views Slideshow in Drupal 6, but since there is no upgrade path from x.1 to x.2, when I upgraded the site to Drupal 7 I would get fatal errors, this has been reported on the issue queue. Generally I've found that lots of people have trouble with the 7.x release of views slideshow, but I don't want to spread any FUD or anything like that, just speaking of personal experience. The slideshow module I think is great in Drupal 7 is Field Slideshow, which works for a good variety of user-cases.
The problem with Field Slideshow is obvious what if you want to add additional fields to your slideshow. This is why I mostly do slideshows in the theme level using templates and my favorite jQuery plugin of the month. This brings the question, will portfolio come with a portfolio friendly theme? If so, I could work on a cool slideshow for that, but I guess we need to open another issue for this.
Well, this project would be a good way to steer energy into improving Views Slideshow.
I maintain Scrollable Content, so I can manage to drive it's development in a way that suits this project best.
I think views slideshow is best utilized for more of a front page type slideshow (or section level slideshows)... and then have field slideshow as the default display on the node level.
Gallery formatter is another option for the node level image display.
This issue has no child issues.
Drupal is a registered trademark of Dries Buytaert.