The high-limit regular made a post
https://twitter.com/spaceyfcb/status/1142886307426734080 on Twitter with an analysis of the ICM-the benefits of late registration, which became famous in poker circles.
In satellites, it makes sense to regress late, because there is a very strong effect of money. On the other hand, in normal MTTs, especially at micro-limits, a good player will still have a higher ROI (but sometimes a lower win rate in dollars per table-hour*) when registering early due to an advantage over opponents, playing adequately tight and not cutting the entire stack in the early stages without a significant advantage in
equity, especially with regulars**. The ICM bonus that late registrants receive reduces the advantage of early registration to a weak field, but not to zero.
Choosing is important only in high roller tournaments, where the field is small, everyone knows each other, getting a position on fish is more valuable, because fish are in short supply, the structure of the blinds is slower, the stacks are deeper, which means that the tables are shuffled less often.
* At the bottom of the download, late registration in a regular MTT (not a knockout) makes a little more sense just because of the time savings, but still less preferable than playing from the beginning in turbo MTT with the same BI that some competitors avoid. At the top, it is contraindicated, because the SWARMS are smaller without it, and the variance is much higher, each extra % of the SWARM is worth its weight in gold, more important than saving time.
** Here it is not a matter of the ICM, but of the Edge over the field. Let's say that a player's starting stack with 30% of the EURO has a value of 1.3 BI for him. Having won a coin very early, he will increase the value of the stack not to 2.6 BI, but rather to 2.4 BI (let me remind you that on average 1 stack = 0.89..0.91 BI due to the rake), because the effective stack against most of the table's players will remain single, and it will become double only against also doubled ones, among which there will be relatively more regulars than among single stacks.