Is there a cutoff? Obviously, there may be a difference depending on where you go - a 3.0 from T3-4 is could be seen as crap compared to a 3.0 from a T1-2, but generally. what's good? Rank factors in as well, I'm sure. How does it all play? How can you say, with any confidence, that you have done well?
Insecurity abound in these first two posts.
That is not entirely true, some schools award honors on rank as well. For example, summa might be top 10%, cumma might be top 30%.