Rashi says that feast was “great” because the great men of that generation, Shem, Eiver and Avimelech attended it. In the Talmud Shabbos 130A, Tosfos contends that this feast took place on the day Yitzchak was circumcised, the eighth day after his birth. Rabbeinu Bachya feels that this unique feast took place on the day that Yitzchak began to study Torah. It is no wonder that Avraham “bypassed” the first “milestone” of Bris Milah. After all, he himself was three years old when he “realized” that there was a Creator Who ruled the world. Consequently, he felt that the most appropriate time for expressing his heartfelt joy was the moment that Yitzchak began to study Torah. Is there a greater expression of simchas haTorah than this? His son was weaned and went immediately to study Torah. He left his home prepared for greater spiritual heights.
Horav Chaim Elazary, zl, emphasizes the beauty and poignancy of this moment, which expresses a crucial message to all parents. Avraham and Sarah waited their entire life for a child. Finally, they were blessed with a miracle child, a son who is destined to be an Olah Temimah, perfect sacrifice. When he was circumcised on the eighth day after his birth, they still do not make a great feast. They expressed their joy and thanksgiving when he was about to study Torah, when he was ready to be sanctified to the Almighty. A simchah, feast, that does not include or manifest one’s preparedness to serve Hashem is an incomplete simchah.