It is all the time, not just Christmas.
We saw it from "OHana 3 weeks ago and it was great. Our ADR was for 7:20, but we waited for about 40 minutes to sit to eat. I wasn't paying attention, and just randomly looked out the window at one point and there it was. I was delighted. There was no audio in the restaurant, so it was not quite as entertaining as it would have been on the beach, but we enjoyed it anyway.
Have Fun!