Agree with above - both are important and provide additional context/info for the other. The histogram on pretty much every MSPE I have seen is right next to the individual student's grade/evals for each clerkship or course, so we see them both basically at the same time. If you got an honors on the rotation but 80% of your class got honors, I don't care quite as much. If 5% of your class got honors, it's a boost for you. Similarly, if you just passed but 80% of your class honors, that might hurt you somewhat. If almost everybody in your class "just passed," I'm not too concerned.