forget the traditional photo idea -- how about a vectorized portrait of your graduate? i think this announcement from posey papers is so cool!
minted has a whole bunch of new graduation designs for 2012 (including non-photo options if you're not into that kind of thing, like us) -- i especially love the coordinating envelope liners and skinny address labels!
love these typography-inspired announcements from wide eyes design, especially because they have such a unique shape:
brightside prints is giving 10 extra cards with every order placed before may 12 -- AND, since you work directly with the designer on every project, you can easily customize any card so it matches your school colors. plus, they give you a free backer so you can add an extra photo, an inspirational quote or whatever you want.
so many fun ideas! i wish i needed to order some announcements this year ;)