Depends on the tournament. I've played tournament with more than 8 hours of late registration, it was a two-day event, for me it was indifferent. On average, micro stakes tournaments have between 6 and 8 hours of play, if you sign up for an MTT, you have to aim for the final table, because that's where the money is, so, if the tournament lasts 8 hours, why you will matter if the late registration is 30 minutes or 3 hours? This won't change anything, poker is a game of patience and concentration, playing forever and just making the money, even if little more than the buy-in, will never be a good strategy.
NOTE. Where did you see a freeroll with 2 hours late registration? I never saw any.