Our school just replaced the 3rd Grade CogAT with the Scantron Performance Series (SPS). This is an adaptive test that increasingly gets harder as the student masters each concept. The test continues until the child misses a set number of answers, so the test can be relatively short (for lower performers) to days (for the higher performing students). The test is computer based and results are immediate. So far, my DD7 has taken the Reading and Math portions of the test and just took the Midyear tests. This exam appears to begin testing at the last successful level. For example, in the Midyear math test, my DD said they had exponents, prime factorization, geometry, and algebra (which is definitely not 3rd Grade material in her school).
Our scores came in on an individual basis along with results from the entire school district. It provided a raw score and a national percentile ranking.