This is not a very sophisticated analysis of the song/movie, but having
grown up during that period and seeing the movie when It first came out,
I will give you my two cents worth.
The song as well as the movie conveys a feeling of searching, dissolutionment
with the status quo ( Establishment ), and the loneliness that comes with
entering of *that* world without buying into it. The Graduate is moving from
the world of his childhood into the adult world and does not see anything
worthwhile (until his relationship with the girl) in it. It is a common
theme of the 60's generation gap and the questioning of values.
The music is well done and succeeds in giving impressions and feelings that
the director wants you to feel but should not be analyzed on a literal basis
(kind of like an impressionist painting).
Anyway that is my opinion,
Mike Rappe'
mrappe@alpha1.phoenix.net