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Just got a fee waiver from NYU and I'm thinking about throwing an app in, but I also think I might be reapplying generally next year. Should I apply now and then earlier in the cycle next year if I get rejected, or just save my app for next year? Basically my question is: does getting rejected late in the cycle one year put you at a disadvantage in the future?

I think the general consensus is that it's not a disadvantage as long as you accomplish something between cycles. I'm doing the same thing, applying this cycle just because, and will probably reapply early next cycle.

I can only think of a few disadvantages:
- You might not be able to use the fee waiver twice
- If you are accepted, you might not get scholarship money this late in the cycle
- If you are accepted and choose to go, you might not realize that another school could have made you a better offer

It is quite unlikely that you'd be at a disadvantage in future NYU application cycles.