We recently implemented a P/F system for our preclinical years, but our grades still count towards our class rank. Although our transcripts will only show P or F, our number grades out of 100 still gets recorded behind the scenes. In some ways this makes classes even more competitive. Under the older system and 91 and a 99 were both Honors and got weighted the same where as a 91 and 89 were not. Now students actually get credit for their 99 when compared to someone with a 91.
I was hoping for a true P/F system where first year grades don't count at all, but we kinda got the opposite.