Unless it's a rebuy I find that I feel that I'm at a disadvantage when registering late.
As far as the ten cent rebuy's goes I like to be in early. The rebuy's are the only tournaments that I would consider entering late.
I don't like Full Tilt making all of their tournaments late registration and have pretty much stopped playing them unless they are rebuy's. I wish they would make some of them no late registration. It's to hard to calculate your odds
when you know there will be late entries and entering late can put you into a hole right from the start.
They should do it like they do at the casino's for late entries. They seat you at a seat where the blinds were paid as they came around, so that you don't get the full stack unless the blinds hadn't reached that seat yet.