The standard based grading focuses on reporting course objective learning instead of letter grades. When you give standard based grades you give a grade for each objective. For example the image on the right.
I think I could prefer to give traditional grades. Why? because I think that giving something like this to a student will just tell him/her that she is bad at that specific area and just give up instead of trying to do better. Giving this grades could affect students, it could give them the wrong idea about themselves. I think that if I give traditional grades to students they could try to do more effort on earning a letter grade rather than just focusing on every part of the learning objectives. My students could feel better about themselves earning a letter grade rather than standardized based grades.
Assessments are required to measure student's learning. In my future classroom I will make sure my students are learning the material by not pseudo teaching them. This is important because if a lesson plan is well planed, the result should be students learning the material. It is okay to create a few that result in little learning, but just trying to make them better after the assessment. To do this the use of formative and summative assessments is require. In my classroom I will try to have a mix of both assessments. Have a share, collaborate, homework, in class polls for formative, and for summative end of the section tests. Formative can be given any time during the section to review students learning. To make sure they are learning the material, and if they are not, make changes in the lesson plan so that students learn and are well prepare for when the summative test is given. I think a lot of teachers pseudo teach till they have their lesson plan fully complete and no more changes are needed in order to result in learning.