I use portfolios to show different data, specifically I created dashboards and reports and I'm using formulas and the highlight feature to display the data my company needs.
Portfolio should allow the collection of any group of projects and the roll-up of numbers should be user selectable. If I define a group of projects as a portfolio, I should be able to create reports and other information from the rolled up information or I should be able to specify that I don't want the information rolled up like your Portfolio indicator does now. A portfolio should be allowed to have different information associated with its profile than a project does with its. For instance if I wanted a portfolio of projects for a release, I would want to have information associated with the release project.
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