Interestingly enough, here is an article about grading on a curve in school. http://testprep.about.com/od/tipsfortesting/f/Grading_Curve.htm When reading it, apply the information in a numismatic sense in relation to market grading. I see a high degree of similarity, IMHO.
LOL - I agree with you on that Chris. Nor argument there at all. But in some cases something you see at 10x might not be seen at 5x. I was really thinking of some of the older coins when it comes to grading. Personally on some moderns it is easy to see the minor hits even with 5x on a 70.
No. Graders, especially those in the modern room, use naked eye grading. They only use magnification if something catches their eye (error, variety, etc).
Now that I did not know. No wonder so many moderns slip through with mistakes - at least in my opinion.