Current Emory M1 here, and we're true P/F for the pre-clinical years. No hidden ranking or H/HP/P, just straight-up Pass or Fail. The only thing residency program directors see form your first two years is "satisfactory" or "unsatisfactory."
Also, here's a tip for you: If you want to know if a school is TRULY pass/fail, find out if they offer merit scholarships after M1 year. If they do, they're keeping a class rank and aren't true pass fail. A number of schools claim to be P/F, but then offer merit scholarships to the top ~15% of the class. Call me cynical, but I'm betting they use that class rank in the Dean's letter as well. I ran into a couple of these on the interview trail last year, Emory isn't one of them.