All of the Senior parents are stressed out right now which is trickling down to the Jr and Soph parents. We went through the same thing last year but most people were happy with how it all shuffled out by the time April rolls around.
I get the feeling that grading does make a difference at some large flagships that basically use a matrix of GPA and test scores for admissions, honors and merit. That is just a reality of the situation. But, as @vegas1 said, most are aware of it going in and would do it again for kids that are well-prepared to succeed in college wherever they end up.