I am not one to Late Reg. on purpose, although it is worth looking into if there are any positives of the Late Reg. Personally, I would like to see as many cards as I can when the blinds are cheap and antes are nil. Whether or not you can late reg. into the money is something I have never even considered. I have been looking into the problem of how cheaters can exploit Late Reg. in ACR, but I do not play ACR. I can see how registering a little late can be beneficial to avoid the inevitable first hand all-ins. I only play micro and lows, so I do not know how this applies to higher stake tournaments.
I have been in the situation where I was playing a satellite for a bigger tournament and won. However, it was ~1 hr into the tournament, and the starting stack of 3,000 was only enough to play a hand or 2 compared to the size of everyone else's stack at the table, so the juice wasn't worth the squeeze. Since then, before playing a satellite, I also check to see what the status of the main tournament is.