Man...I envy you for having only 1 failing grade. I know that bad grades suck, but you should have no problem explaining a single slip up. I would think that would be very forgivable, especially if all your other grades are high. I hope it will be OK if I chime in with my own similar, but worse situation. It might make you feel better.
ummmm....let's say you have several failing grades...all retaken with a grade of A, mind you. And by several let's say I mean 5.
Before I joined the military I basically had some terrible college years. My time in service helped turn my life around, though. I was dx with major depression and started taking SSRI's, and since then I have done extremely well in college. I have completed 55 hours in 3 semesters with a GPA of 3.9. However, given my former record my cumulative GPA to this point is only a 3.011. Even if I make straight A's until I graduate the best I can hope to finish with is a 3.4.
I'm going to pursue med school even though I'm basically a longshot. I'm writing the MCAT in April of 2005 and just thinking positive.
I would let your repeated grade speak for itself. Focus on your positive attributes, and let the schools ask the questions before you answer them. But do have an answer ready. Some schools may pass on you because of an F, but an explanation probably wouldn't help you for those schools anyway. If a school is interested in you they will ask for the explanaton.
As far as I can tell your job on the PS is to explain why you would be a good physician, not to explain things that point to the contrary, unless those things were many. You don't sound like they are. But it's ultimately your decision what to do. And I'm sure you'll do well.
JJ