This ceremony can have a very weird dynamic to it. By the time envelopes are handed out, most of the students are pretty drunk, and then about 50% of them get exactly what they want, and then celebrate, while 25% or so get something OK but less than optimal, and still manage to celebrate and another 25% are unhappy, with a small number (maybe 5%) very visibly unhappy.
Basically, the room is filled with some people crying because they're so happy, others crying because they're so sad, and you're looking at this trying to figure out what type of cry it is, and if you should go congratulate them or leave them alone, and you're really drunk so your ability to tell the difference is compromised.........it's an emotional clusterf#@k.
After all that's sorted out, you either drink more to celebrate, or drink more to console yourself, so then you and your friends are all extremely drunk....several group hugs are performed.....you mention to them exactly how much you love them, etc....then you start making phone calls to your family and friends, maybe you're still crying..........
Personally, I was near-blackout drunk, celebrating and calling people (there were some tears of joy, but I did like a hundred pushups afterward so they didn't count)....then we all went to the casino, where I was immediately kicked out for being too drunk. Then, while trying to sober up on the curb outside the casino, my new PD called me to say congratulations, and I very eloquently responded that I was very happy with my match results, and would work very hard for next 5 years......except I was super-drunk, so really I just mumbled incomprehensible syllables into my cell phone, and I'm sure the PD immediately regretted her decision to take such a raging alcoholic.
Of course all of this is just my personal experience, and your experience can obviously be very different, especially if you're not a drinker.