I'm all for teens (responsibly) exploring their new found sexuality...but there is a time and place for everything. And those teens learned that 6th period, in the school gym (or wherever they were) was neither the time nor place.
Also from the articles I read, the only thing that was definite was the suspension. School officials refused to comment on any other punishments. I think think it's very likely that they'll be able to walk @ graduation, especially considering that most of the students were juniors.