I think it's like this:
The exams will be marked (for example, let's say that your AQA English literature paper is given 47/60).
The results of everyone's papers will be collated, and like always, grade boundaries will be decided mathematically (for example, as it was a rather hard paper, 46/60=A*, 39/60=A, etc...)
In contrast to previous years, 'comparable outcomes' will be applied. This means that Ofqual want roughly the same number of students to achieve an A*, A, B, C etc. compared to last year (in the new AQA English Literature case, they want the same number of students this year getting an A* as the number who got an A* in the old specification which had it's last run in June 2011 - this could actually be good as the students would have been more accustomed to the paper, hence more people achieved an A*).
Based on this, the grade boundaries will be adjusted. So let's say that in June 2012, 8% of students achieved an A*, but in June 2011 6% of students achieved an A*, then the grade boundary for an A* will be raised (so a few people will move down to an A for that exam). However, as I have said it can work both ways. For example, if in June 2011 18% of students achieved an A*, but in June 2012 only 11% of students achieved an A*, the A* grade boundary will be raised (so quite a few people will move up from an A to an A*).
I'm not sure how it's going to pan out for us, but I don't think that it's going to be as bad as we think...
Here's a quote from Ofqual's report in regards to 'comparable outcomes' for the new GCSEs - English, English Literature, Maths, ICT:
So if we aim for comparable performance in the first year of a new syllabus, it will make it harder for students to get each grade compared with students the previous year.
So there are good reasons to aim for comparable outcomes in the first year of a new syllabus. Students taking their A levels or GCSEs in any particular year will be competing with those from other years for access to higher education and employment. It gives some students an undeserved advantage if they get better results simply because they were taking an exam that their teachers were used to preparing them for. Students should not be advantaged or disadvantaged simply because they were the first to sit a new set of examinations.
It's pretty confusing, but note the difference between 'performance' and 'outcomes' - the performance part means that the exam will be harder because we have little material to prepare ourselves compared to last years' students; and the outcome part basically says that the grade boundaries - if necessary - will be lowered to make it fairer as we may be competing with them for access to higher education and employment.
Quote me if you want anything else answered - and I still haven't had an email from them!