@matthewmeeks : Having taught at the post secondary and secondary levels, I have experienced being part of graduation at both levels. Just from the stand point of the school, it is a way to promote the ideas and values of the institution to the community around it. For students it has always been my experience that graduation was just as important as getting the degree. The since of pride and ownership that comes with the graduation experience is huge. It is a fitting closure to one path and the gatekeeper to another. I would dare say that any school worth its salt has a graduation. Maybe that should be part of credentialing?
-Tom Hawkins