We report the first large-acceptance measurement of polarization transfer from a polarized photon beam to a recoiling nucleon, pioneering a novel polarimetry technique with wide application to future nuclear and hadronic physics experiments. The commissioning measurement of polarization transfer in the $^{1}H$($vec{gamma}$,$vec{p}$)$pi^{0}$ reaction in the range $0.4<E_{gamma}<1.4$ GeV is highly selective regarding the basic parameterizations used in partial wave analyses to extract the nucleon excitation spectrum. The new data strongly favor the recently proposed Chew-Mandelstam formalism.