Absolutely!!! Where I work we try to take on the attitude that the review is a formality: the employee should already have a good idea of what's coming. The reality falls short of that, but give us credit for trying :-) The review covers everything from what you did during the year to what you need to do next year. Basically we have a set of core competencies that you must have, depending on the kind of work you do and one of the reasons for the review is to make sure you get the training you need.

My personal take, and what I try to do with my reports, is to give periodic feedback, good or bad. That way people have plenty of time to either bask in the glory or improve before the final review is upon them.