it really depends on what schools you are applying to. but generally, yes it is a little late. you may have a shot at a few private schools if you can get your application out ASAP. it may be a better idea to just get all your stuff together and apply early for the 2007 school year.
I retook the DAT on October 2nd and some of the schools just recieved the scores yesterday November 7th!!! I thought it would take a long time but not that long. So if your taking the DAT in January your scores wont be recieved till february, a bit late for any real hope I personally think. But do whatever floats your boat.
Yes it's late. No beating around the bush here. It's it "too late," as you state? Well, it certainly diminishes your chances. As an applicant you want to give yourself all the opportunities you can, and submitting so late doesn't do anything to help you. Many schools will already be full by the time they receive your application and get around to reviewing it. Many schools may not be full, but won't be doing any more interviews.
What part of January are we talking about? Jan 1 is different from the last week in January.
Can you get accepted still? Sure. But you'll have a tougher go at it than if you had submitted in May or June or July.
The flip side to that is that if you have the funds and the mindset, then it can't hurt you to apply. You may get an acceptance, while the worst that will happen is that you'll not get any acceptances but still be more familiar with the application process than an average applicant.