I figure the ceremony is more for the parents than the students. I also think we lost something when the ceremony got moved from the start of MS-3 to orientation.
In my case, I was quite cynical about the ceremony. While everybody else was happy to finally start the journey in their short white coat, I felt like this was really just one more step in a very long process. So I had a "pre-med" white coat made at a costume shop. It was an extremely short white coat that was cut at the level of my shoulder blades, and it only had one button in front! I wore it to the white coat ceremony. When they called my name and handed me my regular short white coat on stage, I had to remove my ultra-short pre-med coat first.
Perhaps it was a little ballsy, messing with a ceremony in such a tradition-bound field like medicine, but the deans all got the joke without explanation and thought it was funny as hell. Apparently they secretly take the whole white coat ceremony about as seriously as I do.