If you have great stats there is
never a late time. Most schools only plan on accepting a certain number of people each month because they want to make sure that they have room for the 35+ MCAT 3.95GPA people who don't apply until February. Lots of people are still getting accepted in March and April because there are still seats available. By then, the school has a pretty solid waitlist built up to fill in any spots that are vacant.
That said, for most people it's best to send it in as early as possible but this "late" stuff is really a "myth" IMO. The notion that you have a better chance to get in with a 22 MCAT, for instance, if you apply early on is a little silly. There are more than enough applicants these days for schools to fill their classes 2 or 3 times over. Even with the new schools being added every year the statistics of accepted students are on the rise. You might think that with all the new spots that stats would go down, but that's not the case.
People are just now starting to get back into medicine. For a long time the numbers of applicants dwindled because many of the smartest kids around were looking at other carreers. The dot-com boom kept a lot of people out of medicine. In 1995 there were nearly 11,000 osteopathic applicants for less than 2500 spots. By 2001 there were less than 7,000 applicants for 3,000 spots. By 2005 there were 4,000 spots for first-year students, but 8,000 applicants (the numbers of applicants are climbing again). Do you see the recent trend? Even though the number of seats is increasing it is still getting harder and harder to get a spot because more and more quality applicants are returning to medicine. But not only are you dealing with students fresh out of college, a lot of those people who stayed away from med school 10 years ago are coming back in as non-trads. The average age of med school students is climbing quickly now as they look toward a second career.
Rather than worry about what is "early" or "late" in the cycle, your best strategy is to work as hard as you can to improve your own application-- in any way possible. Don't look at it as competing against the other applicants. Look at it as if you were trying to be the best you can be. If you do that, you'll be successful in life no matter where you end up.

