I was on the 4 night in March, and yes they had it on Monday (Nassau day) and it was in the morning and over before the ship started to disembark.
They gave us red
DVC baseball hats and all through the cruise if they spot you wearing the hat they gave you a DVC pin. My kids had such fun with that! We also won a mesh backpack that came in handy at the pool.
Basically, they had coffee and tea and I believe some pastries and they gave an update and then played a trivia game and gave out prizes.
I talked with the guides later in the cruise and they said they don't do the reception on the 3 night, only on the 4 night because they hadn't gotten a good turn out when they tried it on the 3 night.
DJ