I have played both ways (from the start and 5 minute before end of reg) and gotten in the money both ways. These are completely different strategies. But, in my opinion, the later you join, the more of a gamble it is. I mean, for me going in late puts me in more difficult spots and I don't like the stress. It's all in or fold basically and whenever I got in the money I was lucky to get AA KK QQ AK AQ and double up before losing my stack. But where's the skill in never being able to see a flop with suited connectors, gappers or lower pairs. Never being able to
bluff. Never having the chance to bet or raise. So, for poker, I would say going in from the start is the most enjoying experience and most complex way to actually play poker not slot machines. For
gambling purposes, joining at the end of late reg can be a quick way to get in the money quickly without wasting time playing poker for hours. Obviously, there are certain situations where it could be a profitable decision to join late if there aren't many players until ITM to make a quick profit but it's not a regular occurance from my experience.