Medical School Grading

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Gumbydammit

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I realize this topic has probably been discussed to death, but I am new here so I would like to bring it back to life if I may.

Does it really make a difference whether or not a school utilizes a letter grading system or an honors/pass/fail?

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As far as I can tell, the benefit of pass/fail schools is less stress and less competitiveness (within the student body). I think everybody has some form of ABCDF grading for the clinical years.
 
I have also heard of High Pass /Honors/Pass/Fail which seems to be comparable to A/B/C/D/F in disguise?
 
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