Even though you're getting some slack for this question - I find it very important as well. Not that it would change my decision to attend if accepted, but a pass/fail system is something to note. The "honors" portion would help judge to what extent we are passing the material. I've always preferred a proper grading scale, but some people get all neurotic about it and they want us to stop going crazy. However, keeping up with board prep practice in the subjects you're studying should be an indicator of how you are able to learn and apply the information for Step 1.