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It is a bit both, but on the way the random item generator works - it's done at the time you receive an item.
In the goblin fortress, right when ya give the bracers to that barghest, he gives you a reward. I got a sweet 2h axe +2, then went out to do something, got smoked, reloaded, hadn't saved since RIGHT before the turn in to mr barghest - this time he gave me a club... non of my guys use clubs, but my primary fighter is specialized in axe... Let's just say I was purty happy to load my autosave with the axe there, especially after I had quickloaded a few times to try & get my axe back from the turn in, and got a different item each time.
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