Flash,
We go by a quartile system. They tell you its pass fail, but thats just not true. Top quartile, top half, top 3/4s and the bottom quartile. To be quite honest, I'm not a fan of the system. I'm doing well as far as quartiles go, but I think it fosters a kind of competitiveness that just isn't necessary for medical school. I mean on our anatomy module for example my midterm grade was around a 99%, and I'm only top 30 in the class (out of 160). I'm not trying to scare you, the tests weren't that hard...but I think if there was no class ranking, the curve would be much better, and people would start learning and stop studying for tests.
Other than that, the school is great. great research opportunities, great faculty, great administration, great city, great nightlife. i love it.