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Do schools look down upon students who apply on the last possible day? Obviously those who apply earlier will get priority but will schools basically discount those who applied late as either too lazy or too uncommitted?

I doubt they would look down on an applicant that applies on or right before the deadline. However, the competition becomes a lot tighter and an acceptance becomes less likely than an earlier applicant. Also, scholarships are, for the most part, out of the question.

I'm a late-cycle applicant that applied to most schools at or very close to the deadline. So far, I have had 7/14 acceptances and haven't received decisions from the other schools. I received 3 scholarship offers (one from a T4 school, one from a Tier 1 school, and one from a T14). So, I think it depends on the application package you're offering.