If your DS/DD is not a prior, there are information sessions at drop off, but most of the same info is presented on Friday of Parents' Weekend. Priors actually report 3 days early to take care of paperwork in advance of the direct entrants, and there's nothing for parents to do that day besides say goodbye at the F-100.
The process for reapplying to the Academy is pretty streamlined for Preppies, and they are required to apply to each nominating source for which they're eligible (Rep, Senator, VP, Presidential). There will be much more detail at the parent briefings over Parents' Weekend, but it seems those that do well at Prep (Academics, Fitness, Military Aptitude), and want to continue to the Hill, earn an appointment.
As for Graduation, there's a Baccalaureate (sp?) on Tuesday evening; Parade, awards ceremony, and reception at Arnold Hall (on the hill) Wednesday; and Graduation on Thursday morning, with release coming later Thursday. I think most families do attend, based on pictures from last year's graduation on WebGuy.
Finally, official notification of appointment to the Academy will likely come on the eve of Transition Exercise (TX), which is the culmination of the Prep year, and is the 5 days leading up to Graduation. There's a video of last year's class receiving their official appointments also out on WebGuy.