THere's no advantage to starting a tourney late... why would anyone want to conciously want to do so is beyond me??
There have been times where I was out and not sure if I'd be home in time for a tourney, not wanting to reg. in advance in case I wasn't able to make it home. Late reg. has been great for this.
I can count off numerous tourneys that I've missed by 30secs., 2mins. etc. - - arriving home late and then opening up the poker site
only to discover I have to run an update prior to getting into the tourney lobby. I've probably missed a half dozen CC games on account of this.
The only situation where late registration really sucks imo, is for satellite tournaments, where one used to be able to see how many are entering and how many will be paid and then can decide if they're interested in giving it a shot. Now when you play them, the field doubles or triples 'after' the satellite tourney starts. I don't particularly like this myself (but then again I'm totally turned off of satellites after the Ftops donkellites..... wow... frigg'n horrible games).