I applied to three schools, all with Jan 15 deadlines. I mailed my apps about a week before the deadline. I got accepted to one, waitlisted and later accepted to another, and invited to interview at the third (I declined). I'm definitely NOT saying that waiting that long is a good option, but it won't necessarily hurt you unless the school(s) you are applying to have rolling admissions. The only reason I waited that long was because I was still working on getting a respectable amount of observation hours under a PT and I took the GRE in early December. I'd have gotten my @%#! together earlier if I could do it over again.