Graduation for pre/grade-schoolers?

Since it's graduation season, I've been thinking back to how many graduation ceremonies my kids have had so far. (I have a 4th and 7th-grader).

Each kid had a preschool graduation. Each kid had an elaborate Kindergarten graduation. My older child had a 6th grade graduation. Each event involved lots of planning, parent meetings, printing expenses, craft projects, decorating the gym, getting the speakers lined up...it was nuts.

I suggested (for the 6th grade graduation) that we simplify; perhaps have the ceremony and cake/punch, but forgo the elaborate decorations, and "please let's not rent a special stage." My thought was that perhaps some kids might be interested in donating the cash we usually spend on their graduation (which is considerable) to a local charities for low-income kids. People thought I was nuts.

So my question is: do we create huge expectations in our kids? And at what cost?