Teacher Observations

I am highly interested in teacher observations from the teachers perspective. What I would like to know, or explore, is what do we as teachers want to get out of an observation formal or informal?

Just to qualify, I think observations or some type of assessment of the teacher is important but we seem to get shafted as much as praised often with little or no guidance or follow-up to assure we are meeting whatever the elusive standard may be. I am sure there are exceptions so I would like to hear those too.