Well i can tell you what happened in my friends ceremony, but it was a year ago!!
There was some kind of show-the whole training group did a little song and dance together about virgin/their training etc (from what i recall she said it was fun, not scarey even if you arent into that kinda thing!) then all the newbies were seated in a row in front of the 'audience' and names called out to go and collect their wings/certificates one by one and have photos taken with the people handing them out (sorry dont know who they were! some kind of crew managment or something). then following this i think it was just champagne all round, lots of photos and mingling! All in all she said it was a brilliant night, she felt really proud and had a fabulous time!
like I said it was a while ago so it could have changed but not many other people have been forth coming with info so i hope this helps!