I think it really depends on your stats. I tried to apply late to a couple schools with a crappy MCAT and ended up withdrawing my applications after speaking to an adcom representative. (I've actually been accepted to that same school now).
So I guess it really just depends on numbers. If you have a great GPA, ECs, and a nice MCAT, sure why not...otherwise you might just be wasting your time and money (like I did). They don't tell you to apply early for nothing.