Here's their line: Not competitive because there is no curve. So at a school where it is only Honors/Pass/Fail, it could be more competitive because only 10-15% can make honors. At Emory, 100% can make A's if they all do that well. So they make it sound happy. I met with plenty of students, and they all seemed much happier than I had expected. They have joint exams, which means all subject exams are on the same day (8 hours worth of tests), but after that you have like 5 weeks off until the next test so you have some relaxation time.