What do you think about a pass/fail grading system?

Whatthefluff
Say there are two colleges you're looking into.

One has a typical grading system where you might be graded for assignments/course ranging from A to F.

The other has a pass/fail grading system so if you pass a class you pass it, and if you fail you don't. The category of A-F doesn't exist.

What do you think is the cost and benefit of this?
What do you think about a pass/fail grading system?
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