I think it really depends on family dynamics. When we booked our cruise, early dining wasn't an option. I was nervous about late dining, because I usually eat early and we were using "hangry" to describe me before it was a widely used term. But, as the cruise got closer, I decided to stick with late dining, rather than trying to change it. For us, it worked out well. But, we aren't the typical Disney demographic. We're 29 and have no kids. Late dining would probably not work out well for us on the west coast, but for the east coast, it was fine.
Pros:
The kids around us all fell asleep during dinner, so we didn't deal with the complaints I often see here of kids running through the MDR.
Hanger can be dealt with by ordering the cheese plate from room service while getting ready to go to the show. The cheese plate was enough to tide me over without leaving me too stuffed to eat that 4 course meal.
Because we let Disney do its thing with seating, we ended up at a table with 3 other couples our age and had a blast! Had we changed seatings, that probably wouldn't have happened. It did seem as though more tables contained couples than families at that seating, on that sailing.
I didn't feel rushed at dinner. We got to spend our time chatting with our table mates without feeling like we were holding up the next seating.
The time after the early show but while first seating is still eating is a great time to hit shutters, photo stops, etc. It was also a great time (at that time of year: April) to catch the sunset.
Late dinner means late breakfast. We didn't have to be at breakfast until 8 which is when we needed to be out of our stateroom anyway.
Cons:
The couple nights I went to bed immediately after dinner left me not feeling well for a bit. The nights where I stayed up for another hour or so, I was fine. So, I need to plan to be up and about for a couple of hours after dinner.
I consumed more calories by having that pre-dinner snack. But, realistically, there probably would have been an after dinner snack had we had early dinner.
Late dinner means late breakfast. This meant we were behind the masses leaving the ship, and waited in line for quite some time to get through customs the last morning. Like an hour.