A graduation ceremony is a ceremony for graduating high school, not a send off party for the college bound. I agree. In fact, high school graduation is a ceremony for finishing all the required schooling, K-12, so it should be really special.
If many other schools adopt this program, then colleges will suddenly be inundated with more applications than they can handle, which will translate to lower acceptance rates and/or higher college drop-out rates. The liberals will tell us that we have to fund more college programs because too many students drop out.
The ETS will make a killing off the increased SAT testing, unless colleges stop using SATs (which won't happen, since a numerical threshold will be even more important than ever for handling the flood of applications).
I have a daughter that has been offered many full-ride scholarships for college. Her first one came when she was in Jr. High. She has a rare musical talent that is highly sought. She's smart, but doesn't like what she sees in the college scene. Doesn't want to have any part of it. All the siblings have their college degrees, but she sees the job of a woman as being at home raising a family and taking care of the home. Her point is that women with degrees tend to look toward a career outside the home and she doesn't want anything to do with it. She also doesn't want a husband looking at her as "earning potential."