The Year of the Tiger skin would have been awesome back when I graduated high school (go MHS Tigers!) but I think my favorite is El Diablo Graduated, shown here. But definitely look beyond the grad category, for designs that pack the conceptual punch you’re looking for, like a simply happy face emoticon.
They start at $199 like all Flip Cams. The advice from you to be careful uploading drunken post-grad videos to Facebook? Priceless. –Liz