I'll agree on prom, but I have to disagree with you here. Graduation is every bit as much for the parents as it is the kids. (Kind of like funerals are for those left behind. lol) My parents went to my high school and college graduations. My father went to my law school, as my mother had passed away. You can see in their photos how proud they felt of me in those moments. I can only imagine that feeling.
I couldn't care less that my son didn't go to college - though I wish he would have just not gone instead of costing us a bunch of money.
I just wish I had a few proud moments to look back on.