As a long time Manager, I am definitely in favor of this. Managers SHOULD be giving employees feedback through the year, as well as tracking goals, etc. This makes any annual process really nothing more than a yearly summary for HR, which is to say it's a waste of time for both the employee and the Manager.

For the sake of documenting justification for raises, I could see providing:
-A single rating meant to indicate their overall caliber as an employee (meets, exceeds, outstanding, etc.)
-A brief summary of their accomplishments

Neither of these need involve the employee, however.