Late registration?
I have thought about that quite often. I really do not think it matters anymore for myself. Entering early gives me more time to build a stack if lady luck obligies. Entering later helps me avoid those folks going all-in and perhaps blowing me out when betting with a crappy hand. Makes me feel like Phil. For me it seems, it is inevitable that toward the end of my play, I will be short stacked, go all in with a pair of aces and somebody with lots of moola calls with a 6-9 offsuit and wins.
So I suppose both ways have good and bad. From what I have seen, the number of entrants goes down very fast the first 30 minutes or so.
Good luck!