I happen to love commencement speeches. Okay, I happen to really love some - like this one from Jon Stewart. But yes, I barely remember the one from my high school (it was a replacement speaker and yeah, not that exciting). I do not recall the speech at either of my sibling's high school graduations. I remember being at a friend's where the speaker - a politician no less - gave a speech that I swear seemed about to end no less than three times. But I also remember some lovely ones from other public figures.
My college one I have no recollection. My brother's I remember not being terribly boring (but I was knitting in the large gymnasium, which might have helped). My sister's I do remember because the speaker handed out puzzle pieces and suggested we all re-gather in ten years and put the puzzle together. (I do not think that gathering happened, but for all I know there's a partially assembled puzzle awaiting my piece somewhere in Chicago.)
So, in general I agree with the advice here, that people will more likely remember if you went on too long. But I think there are some that have demonstrated some humor, some humility, and some useful information. One, I can never find with my google-fu talked about how often in life the pattern and plan is visible only looking back, which I find reassuring even to this day. My college one I have no recollection. My brother's I remember not being terribly boring (but I was knitting in the large gymnasium, which might have helped). My sister's I do remember because the speaker handed out puzzle pieces and suggested we all re-gather in ten years and put the puzzle together. (I do not think that gathering happened, but for all I know there's a partially assembled puzzle awaiting my piece somewhere in Chicago.)