Not Biting Pete
Aerate on Pitching . . . unless you have a dirty great big wort chiller, then you can aerate the boiling wort as it comes from the kettle, it passes through the chiller as foam, and as the wort cools it absorbs the oxygen (from the air) . . . benefit is that you don't need a 'clean' air supply.
E1N is also correct . . . partially, you can aerate again at 16-18 hours . . . provided fermentation has not yet started properly . . . . although yeast are a great antioxidant when active . . . This is the idea behind dropping, and if you do it early it can be beneficial . . . . do it late and you have a stuck beer.
An alternative to lots of aeration is to pitch enough yeast in the first place
