Here's my setup:
1. Created CCK node with "graduation field" as date field type of year granularity.
2. Create view with graduation field as an argument
3. Select summary sorted by descending
4. In title, enter "Graduates of %1"
Bug #1 No matter what you enter for the argument in the url, the title always reads 2008 (the current year) instead of the year given through the argument.
Bug #2 The summary view will not sort by descending view. The arguments are always sorted earliest to most recent.
This is on my current production website and this example can be seen at:
http://www.kentuckywrestling.com/wrestlers