Having no grades on student reports is an initiative that many schools are contemplating or are actually in the process of doing, but it is not without difficulty- and carrying your community with you depends on good communication and explanation.
This video is Nossal High School's presentation to parents - an excellent explanation and model of how it should be done. The move to a new report was based on their own review of the previous report system and, importantly, on research. While the actual format of the report is perhaps uniquely appropriate to this school, the clear and personable way that this has been done is an excellent example of what schools should aim for:
This is also helpful, Dylan Wiliam on Communicating Student Achievement to Parents from the ACER Research Conference:
Dylan Wiliam Interview - Designing the Future from ACER on Vimeo.
And finally, an article from Teacher entitled "Does A to E grading show individual growth and progress?" in which Geoff Masters, CEO of the Australian Council for Educational Research is interviewed by Jo Earp.