I prefer to be their from the beginning or at least get in, while stacks are still deep, and average stacks still not much larger than the starting stack. In theory there are some advantage in staying out, until some players have busted, because this increase the ICM-value of your chips.
But for me personally I feel, I have a skill edge on the field, so why not give myself as much time as possible to use that skill edge. And I especially have a skill edge in the early stages, where stacks are deep, because I am used to playing cash games, and the "fish" also tend to be the ones to bust first. So if you come in late, to some extend there are often mostly good players left.
Finally ICM also does not take into account the advantages, which there are to play with a big stack. You can take more risks, relax more, and push other players around a bit. The big rewards are always at the final table, and the players with the best chance of making it there are those, who already have a big stack, when late registration close.