ARVO is during dedicated STEP 1 time--worth it?

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5 1/2 weeks is still more than enough dedicated time in my opinion. I would present the poster. But even if you decide not to, get everything submitted and then have someone else present in your place. It's the same thing on your application. You miss "connecting" but that didn't pay dividends for me anyways.
 
You can still study a bit while there and get the experience of presenting your poster. A few days won't make a huge difference. More than that would have to reconsider.