I always show up in time, or at least shortly after, the tournament started. The reason is, I dont want to pay the full entrance fee and not even content for the full price pool, because some of it has already been awarded to other players.
In the early phase there are no big adjustments. But when it comes to situations later, where bounties can be collected, and stacks are uneven, you need to take into account, how the bounties change the EV for both you and other players to enter a pot.
Of course if you can collect a bounty by risking very few chips, that is very attractive, and it is also attractive for other players. On the other side, if someone has you covered, you have less incentive to call an all in.
Since you need to be a big stack to collect bounties, the format does reward a somewhat more aggressive and high variance style, but many players take it way to far. Which you can then profit from, when you pick up a big hand at the right moment.