at my school the way we use std. deviation is to estimate what grade you got. so if the class average is a 75, and standard deviation is 10, and the class average is by definition a C+/B-, then an 85 is like one grade higher, a B+/A-, and so on. i don't know what the statistical details of std. dev. but generally it's a good rule of thumb in figuring out your performance on a curved exam.