In the tradition of previous MPTL meetings, thispaper reports the findings of a joint evaluation of multimedia educational resources for waves and optics by the European working group "Multimedia in Physics Teaching and Learning" and the MERLOT/Physics Editorial Board. This year, a list of 140 web collections, each with many individual multimedia learning items, was compiled by the MERLOT group, the ComPADRE digital library, and Dr. Robert Wagenbrunn. Each review group distributed the web sites on this list among their members. Each reviewer, using established rubrics, selected high quality items, performed a detailed review, and reported their results for comparison between reviewers. This paper presents a discussion of characteristics of the top rated resources and the suitability of the use of multimedia, comparisons of the findings of different reviewers, and general comments on the current review process and future directions for this effort. PACS 01.50.-i - Educational aids. PACS 01.50.F- - Audio and visual aids.