You will still get numerical grades for each exam/assignment you complete but it will be recorded as P/F on your transcript. However, class rank will be preserved. The new rule will be that you cannot view your class rank until after 2nd year. As for clinical years, those will also be P/F grades but they will record your numerical grade for each clerkship and that will be shown on your MSPE for residency directors to distinguish how well you performed in each clerkship. I'm a current M1, so if anyone has any questions feel free to PM me.