1. Nothing changes except all the pressure gets moved to Step 2. The students that were skipping class and bailing on small group bull**** to study for Step 1 will now just be grinding for Step 2 hammering the Dorian deck and UWorld while on the wards. It truly is burying your head in the sand if you think that won't happen. 100%, despite what the NBME says right now, Step 2 CK will ultimately end up P/F as well. If they thought a bunch of PhDs were complaining hard about having their lectures skipped, just wait until the clinicians are being blown off en masse.
2. Step 2 is taken right before residency applications. You could work your butt off for a specific field only to find out that you aren't competitive for it with exceptionally little time to change course, probably on your first Sub-I.
3. There absolutely has to be a way to discriminate between residency applicants. Step 1 served that function as a standardized measure. If they wanted to move it to P/F they should have developed another standardized system before getting rid of Step 1 scoring. Without standardized measures subjective random crap takes its place like name of school, clinical grades, and research (which the majority of the time is the equivalent to monkey's throwing poop at the wall and seeing what sticks).
4. Anyone from a low tier/unranked MD or DO school gets completely shafted. The ceiling for good DO/low tier MD candidates just came crashing down. People's ability to match mid-tier programs in GS/IM/OB/Etc, is now significantly handicapped. Effectively, the ceiling to match became the very level at which you attend school. No more punching up.
5. The NBME didn't clarify anything at all with regards to its implementation and left a lot up in limbo. They have effectively increased stress to unprecedented levels at dozens of schools and classes by not clarifying what the plan is.
6. Stress will increase at every step of the medical pathway, even bleeding into the pre-med levels now since what school you go to is more important than ever before.
It's honestly very ignorant to think that none of these things will happen. There are PD's in this very thread saying as such themselves.