That's a pretty big misconception among all pre-meds. There are quite a lot of people who don't even apply until December, January, or later. And, for a lot more reasons than just the August MCAT. Half of my class didn't even interview until after January 1st.
Yes, it is better to apply early, but if your scores are at least equal to or higher than the average for the school, then you still have plenty of time to apply. They save seats for people like you. IF, however, your scores are less than average, then you have a long, uphill battle ahead of you. You can still get an interview, get on the waitlist, and get accepted right up til next August.
Even though this application process starts in June or July, it really lasts for more than a year. It is not even close to being over when January rolls around. People have had it drummed into their heads so much that they need to apply early and often, that they seem to have forgotten that the process doesn't end when the leaves start to fall. It lasts through the winter, the spring, and summer of next year too.
Every school out there will tell you to, "Hurry up because our class is almost full," but that's rarely the truth. It's a rolling admissions process. They don't just pick 150 good people that applied early and stop. Some schools might even tell you that they only have waitlist spots open, but they always seem to find a spot open up for good candidates.
Yes, the best idea is to apply early...but...IMO, it's still early. There are some people on this board right now who won't get there acceptances till August of next year-- 10 months from now!!! They'll still be in the class of 2011. There's just no reason at all to give up now. Late...you're not even close to late yet.