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It seems to me that a multi flight tournament is just another way to schedule, splitting the time instead of playing too many hours in sequence.
However, you should pay attention to some details. For example, if the tournament allows you to reentry once per flight, you will have another chance of going into Day 2.
Also, in general, multi flight tournaments end Day 1 without reaching the bubble, but I believe that an "imaginary bubble" is formed in everyone's mind, specially if it's a big tournament with fish/recreational players and there are no more re-entries available. Most people will try to survive into Day 2. If you have a big stack, you can try to press these players.
But for the most part, I believe it can be played as a regular tournament.
Depends on your preference. Obviously, Day 2 have fewer players than Day1 but average stack is much higher than Day 1.I get you, lets say there are 3 multi day events running everyday until the final day, when is it best to register for this tourney, in terms of number of players, should i register when there are many players or few? Bearing in mind that whatever you finish with in day 1 is what you are going to continue with in day 2