This summer at Good Shepherd we have been observing the commemoration days and festivals of saints in Lutheran Service Book. I have been moving the festival to the preceding Sunday. It has been nice because it breaks up the sea of green. There are some downsides and I don't think I would do it every summer. There is something lost with the continuity of the pericopal readings and there is only so much you can say about the saints: they were all sinners in need of God's forgiveness in Christ; they all lived in the mercy and grace of our Lord Jesus; they all present faithful examples of lives lived in the faith.
One nice thing, from a theological point of view, is celebrating the saints during the season of the Church is a great way to emphasize what the church is; "the congregation of true saints and believers." It also brings a great opportunity to teach what Lutheranism is: holy, catholic, apostolic and confessional.