The benefits of applying Early Decision is that your chances of getting accepted increase immensely and you are basically done and over with the college admissions process in December. However, not all students are capable of applying ED. If you are a student who knows exactly the college they want to attend (ED is binding), who has taken all of their entrance exams by November 1, who does not need their first semester Senior grades to apply and who does not need financial aid, then you are a candidate for ED. All other students should apply Regular Decision or, at the earliest, Early Action which is non-binding.
Please read the following article regarding this very important topic: