The big picture has been hit, I'll give you some details.
Drop:
Like hotel said, it will be during the work week and no family or ceremony is involved. The week prior everyone will fill out a dreamsheet. The following week, the AF members of the"class" will meet with the AF admin guy. He will show the list of what dropped and will show the class's rank order based on their NSS scores. After that everyone picks from what's available by rank and generally there will be some horsetrading between the studs. No trumpets, no fanfare, everyone picks their plane and goes home. From there the studs receive orders within a week or two.
Winging:
Like Baseops said, in the AF it's a week long dog-and-pony show. In the Navy it's a one day thing. The studs take their family on a tour of the squadron in the morning to see the planes. In the afternoon, they take their families to the sims. I think both of those were optional. Before the ceremony starts, the studs will break their wings so they have them handy for the ceremony. The actual ceremony is in the evening. Studs will be in service dress, wives and family just dress nice casual. IPs and studs who aren't in the ceremony just wear bags.
Standard Ceremony:
1) Quick guest seaker (15 min tops)
2) Corpus mayor says thanks (5 min)
2) Present wings (Handshake, pin, photo, done)
3) Group photo
After that there is a short "formal" reception. You'll talk for a few minutes and eat some snacks. From there the REAL reception starts. Everyone moves over into the O'Club bar and the studs usually go change into bags. Booze it up, ring the bell until you're broke, UPT complete. After that, the gaggle will usually end up at Farah's or the Executive Surf Club.
Most Corpus grads like the Navy-style graduation. I thought one day of pomp and circumstance was more than enough, not to mention it took me about three days to recover from the hangover.
HD