I don't see any problem with them being proud of who they are.. and their sexual preference is part of who they are. Nothing wrong with gay pride parades and gay flags and such.. there are tons of minorities that display their pride.
What bugs me about the lavendar graduation is that it took a long time for G/L to be accepted, they still struggle with it, and this is just another reason that people are going to use to look down on them. The G/L think they are too good to just have a regular ceremony with the other people.. they have to have a special one just for them. *sigh* It's like living in a neighborhood where you have to paint your house a certain color and you decide to paint yours a different color and wonder why your house gets egged on Halloween or something.
Don't get me wrong, our best friends are gay and I love them dearly. But it's overkill even with them with the gay cruises, gay colors, gay flag tattoo, gay mardi gras, gay fantasy fest, etc. Regardless they're a minority, we're talking about a S E X U A L preference minority. Who cares what they do in the privacy of their bedrooms? And the lavendar graduation is no different than any other of the "out there" practices I mentioned.