Being there while the team is doing their first retrospective is an invaluable and full of emotions experience. You notice the team members know exactly, for the first time, what they are doing: What they sought to do, what they did well, and what went bad. More important, you see the team get energetic, prepared, and all set for the next sprint, sometimes can't wait to rectify the side effects of the first one.
It is an experiment that I'm doing every now and then with new teams doing agile adoption. I see that it is important to study the first retrospective more deeply. Surely, it will give us insight about team dynamics and good practices of agile adoption.