Hate it.
More stress than it's worth, considering no two programs have the same curriculum. This school has more courses than other programs, too, so you'll be triaging which class to fail during each exam when you get far enough in. We have pushed each year for a change to P/F to be like other programs, but there are a few professors who like to keep the flawed system going.
You also forgot to mention that this school has cumulative finals each semester that aren't even standardized exams.
In the end, your quartile and class rank are all that matter. GPA won't be sent to residencies, as they will have no idea what to do with that trash.