HS graduation was really overblown. I remember realizing that at the beginning of my senior yr when people were already obsessing over class rings, senior pictures, etc. At least in my group of friends, we were all college bound, but I think I remember being the only one that seriously wasn't interested in the cash grab. I was far more interested in the senior trip, prom, the hanging out types of things. The actual graduation itself took forever, as I went to a large school and we had a class of 800.
In college, I attended commencement. I figured that was a big deal for my family, since I was the first to get that far. I remember the main ceremony in the stadium being miserable because we'd all had breakfast drinks and I really had to pee. Our business school breakout just took forever to read all of the damn names. Best part of that day was going back to our house w/ our families and watching our parents try to operate kegs.
For law school, I REALLY didn't want to go. I went because we had to, absent a serious excuse and permission from the dean, and also because my family really wanted to see it.
Cliffs:
HS - graduation a given, not really that proud to do something that easy
Undergrad - sort of exciting, mostly interested in the party afterward
Professional - very proud, but also very unexcited to be at the ceremony