I went to the January PTN, was my first time.
I thought it was "first come first serve" kind of thing with the wristbands, but it's not.
(and we were there like 5th or so, so I was happy we got one for sure, lol, till I knew it didn't work like that, haha)
The restaurant opened at 1pm were it was going to happen, and we asked a CM what time they would hand out wirstbands, and they said 2pm.
And indeed, at 2pm they started to hand them out.
4 colors.
The PTN sale starts around 6pm, and if you want, from the moment you get the wristband you can leave, and come back for the sales (be back in time!)
Our color was called out last, so it took about 1,5 hours before it was our turn.
You get both pins, and the option to get a 3rd. Apperently you can't choose which of the 2 pins you want as an extra, the CM just grabs one for you.
(not sure if you can ask for a specific one)
There's always some pins left over, and there are "stand-by wristbands" (which they handed out to people when the colors were finished, and still people left in the restaurant) for those, and numbered, so after all colors are done, they start calling out numbers, and you may have a slight chance of still getting a pin.