Some freerolls do have very long late registration - mostly because you have to pay to rebuy, which generates some profit. most of the freerolls have 3-5 blind levels late registration WITHOUT rebuy - so when you out, you are out.... Overall, I don't like the long late registrations, but I do play the tourney when its a good tourney ($10 entry with <$10K GTD). I just pace myself an pick play only premium hands - play like a nit. Then, when late reg is over, you open up - people at your table will think you are a nit, and you can steal a lot of dead money.