Late Reg
I know this is a horrible answer, but really it depends on the structure of the tournament. If it is a fast structure then I would definitely play from the start. If the structure is a long one though then late reg is perfectly fine. Like someone else said, then most of the really crazy play is eliminated and you can play better poker with less variance.
That said, there is something to be said for building a chip stack through those early stages as well. The bottom line is there is no wrong answer.