At our local snoburbia elementary school, graduating fifth grade is a momentous occasion that calls for... a whole month of celebration. It's all on the continuum of indulgence to which overclass kids have become inured. (Shouldn't "graduation" be reserved for high school and college, or maybe for celebrating your Ph.D.?)
There's the awards and graduation ceremony. Okay. But there is also a pool party, a dance party (some kids came in a limo), and a class trip to Philadelphia. One thing I love, though: All the school stands outside and "claps out" the fifth graders - everyone claps and cheers as they leave the building for the last time. I'm verklempt.