actually it is the same, if you late reg. in 10th min of the game, or playing it from the start and just folding. Only defect is that you are missing the chance to hit good cards and double up in the meantime.
I prefer late registration for sure. I can easily double up then with bigger blinds. My big hands are more profitable. In the beggining I can get AA and win about 160 chips which is sad.