Well, it's a new course, so nobody can really comment on what it's like, since nobody knows what it is. This year's group will be the first ones to take it ever.
On the other hand, if it's pass/fail, you could theoretically devote more time to your "marked" courses, which would still boost your average. Mark boosters are generally most useful when you're actually interested in them though, so I wouldn't rule out choices strictly because they won't boost your marks. Electives are courses you voluntarily take, so why not take ones you're interested in?
Also, the boost being necessary is dependent on what program you're in and what you're applying for next year. For the more competitive programs, a mark booster probably couldn't hurt, but for a bulk of them as long as you stay on top of your stuff you should probably be ok. But that's all based on how confident you are as well.
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