Just did 1 this year, we had one for my step-daughter who graduated college. It was A LOT of work (thankfully it was a TEAM EFFORT), but very successful and everybody had a good time. It was pretty close, about 15 minutes away the church's social hall. They let us set up everything the night before so the "day of" preparations were minimal.
We are all very happy with the way things went and it turned out.
As far as I know, this is the ONLY graduation party we will be attending this year. I KNOW it's the only one we are hosting