What error are you getting? Are you serializing just the geometry? I'm guessing the trouble is serializing the entire Graphic, which includes Symbol.
This related thread might help: http://forums.arcgis.com/threads/8774-save-layer-to-xml-file
The error's a bit difficult to understand to be honest. I wont copy/paste the entire strack trace here, but here's how it goes
An ExceptionDetail, likely created by IncludeExceptionDetailInFaults=true, whose value is:
System.InvalidOperationException: An exception was thrown in a call to a WSDL export extension: System.ServiceModel.Description.DataContractSerializerOperationBehavior
contract: Silverlight.ESRIMapping:ESRIMappingService ----> System.Runtime.Serialization.InvalidDataContractException: Type 'System.Windows.Input.TouchDevice' cannot be serialized. Consider marking it with the DataContractAttribute attribute, and marking all of its members you want serialized with the DataMemberAttribute attribute. If the type is a collection, consider marking it with the CollectionDataContractAttribute. See the Microsoft .NET Framework documentation for other supported types.
at System.Runtime.Serialization.DataContract.DataContractCriticalHelper.ThrowInvalidDataContractException(String message, Type type)
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what you said does make sense. Currently, I'm trying to declare a serializable class where I have all the properties as in IdentifyResult, but skip the symbol because I don't need it here...