After the greetings, speeches, and all other spiel, you finally get to raise your right hand and say the Hippocratic oath. Reciting those words to me was like transitioning from one side to another; it was a rite of passage that burdens you with responsibility and accountability for others. It is a time to promise a commitment to your patients.
Many criticize this ceremony as one which instills a wrong sense of entitlement in students. I completely disagree. I, personally, felt like I was being accepted into the field of medicine; I didn't feel at all like I had by some magical power also received the gift of knowledge or experience... that comes gradually, hopefully within the four years of med school and the following years during residency.
Overall, it is an emotional day. You really get to acknowledge your success of entering medical school and those who love you join you in your celebration.
But, please, don't be disillusioned! The hard work waits outside for you once you come back from your jolly celebrations. Now that you have entered medical school, you have to work your way out of it.