The main difference between breakfast, brunch, lunch, and dinner receptions is the time of day and the food served. Here's a breakdown of each option:

Breakfast:

Pros: Most budget-friendly option, unique and memorable, allows guests to celebrate and still have the rest of the day free.

Cons: Requires very early preparation for the bridal party, limited food options, might not have a party atmosphere.

Brunch:

Pros: More affordable than dinner, wider variety of food options than breakfast (can include lunch items), good for guests who like both sweet and savory dishes.
Cons: Guests might need to adjust their schedules, may not be ideal for elaborate dancing or heavy drinking.

Lunch:

Pros: Often less expensive than dinner, allows for a more relaxed atmosphere, guests can still enjoy the afternoon or evening.
Cons: Might feel less formal than dinner, shorter timeframe for celebration.

Dinner:

Pros: Traditional and elegant feel, allows for a more elaborate party atmosphere with dancing and drinking, most venues are available for evening receptions.
Cons: Most expensive option, requires guests to dedicate a significant chunk of their evening, some guests might need childcare arrangements.
Here are some additional factors to consider:

Your vision for the wedding: Do you want a casual or formal event? A big party or a more intimate gathering?
Your guests: Consider their ages, preferences, and travel distances.

Your budget: How much are you comfortable spending on food and drinks?

Venue availability: Some venues might have limited availability for daytime receptions.
Ultimately, the best time of day for your wedding reception is the one that best suits your preferences and creates the atmosphere you desire.