This paper defines and operationalizes definitions of good teaching, scholarly teaching and the scholarship of teaching and learning in order to measure characteristics of these definitions amongst undergraduate instructors at McMaster University. A total of 2496 instructors, including all part-time instructors, were surveyed in 2007. A total of 339 surveys were returned. Indices of good teaching, scholarly teaching and scholarship of teaching and learning were developed. The data illustrated a strong correlation between good teaching and scholarly teaching and between scholarly teaching and scholarship of teaching and learning. The perceived value placed upon teaching varied across the different Faculties. New instructors and those engaged in scholarly teaching and scholarship of teaching and learning perceived teaching to be more valued than their peers.