Yea I've seen them too. I'm like, ok this guy is fresh out of college with no work experience and he's done major redesigns for Nike, Budweiser and Home Depot?!

I definitely don't mind seeing whatever work a new grad has - we all have to start somewhere. But, I just like to see it marked as schoolwork or whatever so I can get some understanding of what part of the work they actually did.

The other thing is that I actually do regularly see portfolios with actual work for major brands, so when I see it in a portfolio, I tend to assume its real.