This is a good commentary on the "when to apply" debate but I did not find anything particularly revolutionary about the advice on the relative merits of each round. It seems consistent with the standard advice: ceteris paribus apply early.
One question: assuming one's application is fully prepared. Is it really preferable to submit during Round 1 (even it it means "swimming with the sharks") than during Round 2, where the bulk of the applicants submit theirs ?
In other words, is the rejection rate inherently higher in Round 1 as the admission officers start off by being the most picky ?