Ok, so I'm a MS IV at Yale. I realize every day that I am truly blessed for the opportunities that Yale has given me. I am contantly amazed at the excellent education I have received in a completely humane setting. It may not be the right environment for everyone, but for those who enjoy independence and value life outside of med school, it is a wonderful choice.
On the Yale System: the gradeless part of the Yale system applies ONLY to the first 2 years. During this time, we were taught all of the traditional pre-clinical courses in a fairly traditional manner, with some PBL. I believe that the curriculum has now changed to a more integrated, problem based type, but you really should talk about this to current first and second year students. (As a 4th year, I'm not convinced that preclinical curriculum should be anyone's deciding factor in a med school-- everyone covers the same material in the end). At the end of each course there is a "qualifying exam", a.k.a. a final exam, which is taken using an anonymous code. The code is broken only if a student fails 3 or more qualifiers. Thus exams are taken as evidence of minimal competence, and learning is essentially directed by the student in combination with the curriculum and teaching of outstanding and dedicated basic science faculty. This engenders a collegial, completely noncompetitive environment. Our exams are scored, so you can use them to pinpoint strengths and weaknesses. However, we are never ranked (this is the essential difference between Yale and other P/F systems). The Yale system allows students to pursue non-med school interests as well.—many of my classmates have accomplished some pretty impressive stuff during medical school. At the end, we all do fine on the boards, if that means anything to you.
We do get graded in the third and fourth years. It is Honors/ High Pass/ Pass/ Fail. We do not have oral or written exams. We are graded only on our clinical performance. Even though we are graded, in all honestly, the collegiality only increases during the third year. While students remain highly motivated, gunning and competitive behavior is frowned upon. The spirit of self-directed education continues on the wards, as every student I know here feels a deep sense of obligation to learn—for one's patients… not for exams or grades. Generally, getting "scutted out" is exceptionally rare. Students are on the wards to learn (and get their $40,000 worth.)
A unique feature of Yale is a required MD thesis. The standard for theses is rather flexible in terms of content, time and energy expended, and type of research. On the whole it is seen positively, esp. when applying to residencies, as all Yale students have some research experience.
The faculty and administration are exceptionally responsive to students' suggestions. We're almost spoiled!
But it is the students at Yale that end up being the best aspect of the medical school experience. You cannot ask for a nicer, warmer, more caring, more interesting or smarter group of med students. Students who thrive in the Yale System are self-motivated and independent. However, we tend to work really well together as well. I think we also all share the characteristic of not judging ourselves or others based on grades, scores, etc. Personal characteristics, knowledge, and accomplishments are more valid indicator excellence in medicine, and Yale nurtures these. Further, after you get the M.D., continuing medical education is self-directed. I think Yale grads end up ahead of the game in this regard.
The only downsides I can come up with are, there is no department of family medicine, if this is essential for you. Not every clinical department here is very strong (General Surgery, for example). New Haven is not the most exciting town, BUT it is a bustling college town. There's a lot to do in and around New Haven. When you get bored of New Haven, NYC and Boston are close enough.
I hope this long note answers at least a few questions. Best of luck to all of you in selecting a medical school, and happy holidays!