While top grades don't secure you a job, most of the people I know that are up in the top of the class have found good jobs. You still have to be able to interview and sell yourself but grades absolutely matter. In fact, at USF grades probably matter much more than they do at other higher ranked schools. In the legal recruiting world if you are at a lower ranked school you've have to be in the top of the class to be marketable. Mediocre grades at Stanford? You'll still get a job. Mediocre grades at USF? You've got little to no chance, at least as far as Big Law goes.

Don't let anyone fool you, how you do in your first year gradeswise is huge in terms of your job prospects. The system sucks but it is what it is.

And as far as bragging rights go, are you serious? I don't think there are many people at school who would actually be lame enough to brag about their grades.