My daughter will also graduate in 2012. But she goes to a small, but public Arts school (with an application, audition and acceptance entry policy). Things are in limbo as far as yearbooks even this year (I sure hope they get it figured out soon, as last years was wonderful and I want a similar experience for her senior year!).
They are not even required to have a "senior picture" to hand in for yearbook purposes, but do their own in house artistic stuff. SO I am not sure what the plan will be offered for graduation materials? But as far as the open house invites, we WILL be doing those on our own in a similar online fashion that others mentioned. We did our Christmas cards using her art last year and they were SUPER easy and very well recieved!
We also had several grad party open hosues (3 on our street alone) that we attended last year, and all were totally different, even tho they graduated form the same local high school. They all did their own thing! With the resources available online and with all those crafty scrapboking Mama's, I would be surprised if more than half of any graduating class actually went with the school offered options?
Be creative, even if that just means lookign online for a layout you like, add a picture or 2 and punch in the dates and times! Thats what we plan to do...but want to wait until closer to the party so we can perhaps add the info about her intended college plans. 2 of our neighbors had picture sof their daughters standing in front of the campus main entrance signs as part of their collage of pics on a grad invite party card. I liked that!
Have fun with it!