I didn't want a class ring, but my dad really wanted me to get one and bought a gold one (10 carat) for me (I agreed just because he thought the rings were so cool, loved his, and wanted me to have one too.). I wore it all through high school. I lost it sometime when I was in college. I wasn't planning to get one for DS, but DS really wanted a class ring and probably because of my dad buying mine for me and my dad thinking they are so cool (I have a lot of respect for my dad), I bought DS one that was almost $900 (same kind I had -- 10 carat gold has really gone up in price). He loves it -- wore it all through high school and has worn it for three years in college (wears it every day). Friends who bought less expensive rings never wore theirs or lost theirs. My dad still has his FYI. He collect coins, antiques, and some other neat things too.
I'm not saying at all to do what I did, but I'm just mentioning what I did and that some say that the 10 carat ones wear best. Do note that we have pretty big cushions in our budget, so the $900 was not a big deal for us. Some people find them very meaningful and really cool like my dad and my son, so if it's in the budget why not. Others like me could care less.