We only allow late buyins if the player lets us know they are running late. And they get blinded in until they arrive. Never had a late show without letting us know.
I do, regardless of if its a rebuy event or a freezout. If they arrive before we start again after the first break, they get a stack. The reason is I can't be bothered keeping track of exactly who is gonna play. The day of the tournament I usually get a bunch of "yes" turned into "no" and vice versa, along with with some "can I bring a friend" (to which I always answer yes).
If it is a rebuy, I say definitely allow late entry during rebut period. If it's a freezeout, then give on time starts a bonus, late entry gets no bonus, far easier than blinding out a stack
If you want to play in my games...some basic rules are in place.
Being on time is a respectable way to say thanks for the invite.
And I'm not anal about timing....we first have 30-45min of chatter before we start playing.
But arriving 2h late is a no go for me (unless well announced in advance or emergency cases)