Early decision greatly benefits the colleges in numerous ways, in spite of the self-righteous criticism of college presidents and the confusing back-and-forth changes between early decision and early action among the top Ivy League schools.  So, colleges will continue to use early decision, and they will not stop doing so until all their competitors stop using it, which is not likely in the foreseeable future.

Because early decision improves your chances, you should apply to a college that is somewhat above what you would have otherwise been able to gain admissions to based on your SAT’s, grades and other attributes.  But if you aim too high, or aim for a college that is too popular, you risk being deferred, and then face statistically much worse odds in the regular admissions process.  But don’t lose hope if you are deferred: I know personally two people who were deferred on early decision but eventually got into Harvard, including one off the waiting list.

The other advantage of early decision is that if you do get in, you can basically relax from early December on, and have a great senior year.  You practically must commit a felony in order to have the early decision admission withdrawn. So, you are then able to do all those (school) extracurricular activities that you did not have time for previously.

On the other hand, you give up choice and that “you-never-know” factor.  In other words, you sacrifice that stretch school that you might have gotten into, but didn’t apply to because you were accepted on early decision.  If you believe in luck, then don’t apply early decision, because it is an undeniable fact that college admissions decisions are often quite random, without reason and based on luck.