Feedback & Grades[Patrick]

First, Jag and Katrina have great points.
I fully remember what I was taught in high school about tests: As long as I paid enough attention in class to Ace the test, then I didn't have to do homework, as my mark was test/quiz based more. I still got a great overall letter grade at the end of the semester, even though it was based on short term product rather than long term understanding and process.

I think that I would do all my classes as Pass/Fail if I were to choose for my teaching practice, in order to do what Jag mentioned, which is to have students concentrate on the process and not worry about the marks. This I think is actually a lot harder than working for a high percentage grade, because it actually forces positive change and growth for success, as the measure is only against oneself.
I think a Pass/Fail system would be great to encourage feedback in written and oral form especially in theatre. The growth that I found through drama was never based on a letter grade, but that it boosted my GPA was a huge benefit. Grades were  actually a reflection of how I was doing instead of the goal there. An interesting paradox of drama, is that its a process oriented subject much of the time, but to "try for an A" means that the student will be inauthentic, and therefore not receive the grade they were looking for in the first place, but if they were just doing their best in the process and were authentic, chances are they'd have an A "without trying."  As someone who is higher in physical and interpersonal and emotional intelligence this was an area that was great for me, and was one area where the grades were an accurate reflection of how I was doing in the class.
As someone who has tendencies for a Judging learner, I also always wanted a certain kind of organization not always possible with drama, and also extra feedback.

Considering how feedback affects different learners is just another layer to add to our repertoire as professionals, and watching the practical applications is something I look forward to in the next few years.