A good example of this is Mike, who entered the ring about an hour ago.
As I see it, the earlier you enter, the better chance you have (that is, assuming no difference between candidates). As you can see, prospective moderators such as Rocket Hazmat have upwards of 30 comments behind his nomination.
The issue here is, if a user has no clue who you are and has no other subjective information about your performance on the sight, (once again assuming no difference between candidates), they are less likely to vote for you.
Subjective information, such as:
I can attest to bluefeet's judgement from flags, closures, and migrations on DBA.SE! – JNK Mar 1 at 0:59
And other information, such as:
@BoltClock addiction :) Yes I can serve community to moderate threads during Indian time. And can serve best for the Mobile technologies. + I believe in power of community, just for more info i am already serving one community i.e. GDG Ahmedabad but managing it during my spare time. – Bhuro Mar 1 at 6:44
The thing is, without these comments from people like JNK and BoltClock, we wouldn't have so much information about the prospective moderator, and if users can't get in in the to ask these questions, then we have less information, and are hence, less likely to vote for them.
Basically, won't entering an election late have an adverse effect on your score?
One thing to mention though, is that this is generalising in the sense that it assumes you have no prior knowledge of the user and that all the users are equally as good.