Yesterday was Yale's graduation ceremony. I attended for the first time since my own graduation in 2001. We had an excellent crop of graduate students who are going on to do exciting things.
I just finished reading part of Rob Knop's blog about his tenure denial at Vanderbilt University. It makes me aware of just how difficult the job market is and that getting a PhD is just the first step on a long and difficult road: http://scienceblogs.com/interactions/2007/05/the_astronomy_community_to_rob.php
Also read this article in CosmicVariance.com: http://cosmicvariance.com/2007/05/11/the-tenure-process/