Late registration is convenient for players and profitable for
poker sites, so like it or not, its there to stay. With late registration its actually faster to get into the action in tournaments than cash games, whereas without late registration you would have to wait for the next suitable tournament to start. And then the next, and then the next, if you want to multitable.
As for weather or not you should late registrate, it depends. Players entering late actually gets an ICM-advantage, because someone has already busted. But they also get less time to outplay their opponents, and they get less time to practice or have fun.
I typically late register to avoid waiting, but I also tend to avoid being very late. I would rather buy into a tournament, that has been running for 15 minutes than one, that has been running for 1 hour and 45 minutes.
Finally it also depends, how you feel about deep stacked play.
888 Poker has some 8,8$ tournaments, which start with 8.888 chips and 30/15 blinds so almost 300BB deep. In those MTTs I have twice gotten an early dubble up, because someone made a huge mistake for stacks.
One player stacked off AA for almost 300BB in a single raised pot, when I flopped a set, and another stacked off almost 300BB in a limped pot, when he had the dummys end of a straight, and I had the nuts. This is something, you rarely see in cash games these days expect maybe at 2NL. But often tournament players are not used to deep stacks, and they dont know, how to adjust.
If you are not there from the beginning, you miss out of such profitable spots. But to be fair a lot of the time the early blind levels are just a lot of threading water with minimal impact on your stack. So I can understand also, why some people might prefer to cut the tournament short with half an hour or so.