Re-Entry tournaments are great, but don't think you have to play them super loose-aggressive in order to do well. At the same time, I would play them a little more aggressively than I would a freeze out MTT, but it doesn't have to be balls-to-the-wall-all-in-every-hand crazy.
I approach RE's as a freeze out, but with the knowledge I still have chances to get back into the game if this go bad. So, this basically means, I'm still playing a pretty TAG style but I might be little more open to semi-bluffing in key spots for my stack or stacking off in 50-50 situations. I either win a big pot or I get KO'd and I can re-enter, but I'm not doing anything super crazy.
The main pro of a Re-Enter MTT is that you can re-enter at any point during the late registration. So, you don't have to re-enter immediately after you get knocked out. If you take a bad beat, you take a break and skip a few levels, get your head back in the game, and then decide if you want to join back in. Unlike a Re-Buy MTT where you have to make that decision to re-buy as soon as you get KO'd. If you don't you can no longer register into the MTT.
I like to just register late in Re-Entry MTTs and skip the early to mid levels. The reasons why I late register is because there is more action and I can skip the slow early stages. Yes, I'm giving up value by not playing the low blinds, but most players in the micros don't play the mid-late stages very well and I can take advantage of that. Also, late registration usually closes soon after I late reg, so I don't have to worry about re-entering multiple times and can play like a late stage freeze out MTT.
My only advice if you're thinking about entering/re-entering in the late stages is to make sure the stack vs blinds is something you're comfortable starting at. If you aren't comfortable joining in a game where you only have 10 BBs to start, then don't enter/re-enter too late into the game. If you do late reg, be sure to check out the starting stacks, current blind levels, and how fast blinds increase. Late reg with 10 BBs is crazy but doable, but I'd advise to late reg around 30BB-50 BBs to give yourself some maneuverability.
The main con of Re-Enter MTTs is that you have to pay the rake each time you re-enter. This really cuts into your ROI and is why I advise against playing super crazy. Sure, $1 + .10 Re-Entries might sound like much, but if you're buying into 5-6+ times each tournament, it adds up. This is where Re-Buy MTTs shine, you only pay the rake once.
Lets say you're playing a $1 + .10 Re-Entry and re-enter 9 times or 10 entries total. You've paid $10 + $1 total for 10% rake. Compare that to a $1 + .10 Re-Buy with the same total MTT buy-in, it comes out to $10 + .10 or 1% rake. Now imagine playing 1000 MTTs paying of the same buy-in, but paying 10% rake vs 1% rake.
In fact, I did it for you. Lets say you profit 12K.
-For Re-Entries: you pay $11 per game x 1K = $11K in buy-ins. Your ROI is: 9.1%
-For Re-Buys: you pay $10.10 per game x 1K = $10.1K in buy-ins. Your ROI is: 15.8%.
So, you can see the huge difference 6.7% difference in ROI based on rake alone, which is why it is advised to don't be re-entry crazy with Re-Enter MTTs.