Well, the theory behind pass/fail and no rank is to neutralize gunners. You are no longer directly competing with your classmates, so you are more inclined to work together and do better as a class. If your are being ranked and the classes are graded, students become less willing to share notes, study guides, etc. It is also better for the school because, theoretically, this would increase the class' pass rate on the Steps (no med student left behind🙂). Personally, I consider it a plus. I don't see the purpose in having to constantly feel like I am in competition with my classmates. Others, as the previous poster pointed out, will disagree.