If you were a lecturer, would you prefer if an essay is handed in on time but is average, or ?

I want work in when I say because I have scheduled marking time to give a reasonable turnaround so that students get quick feedback (it means more when they have not forgotten what they wrote). My subject effectively requires I mark all together because I have to make every effort for consistency, so the late essay is a problem. I will negotiate extensions, but if a student needs them and it is not an emergency (very ill for a few days), then it alerts me to the fact that I need to have a different conversation with that student - mentor them to manage time better! I also will discuss options. For example, I may say to a student I will accept bullet points on time and mark as if it were an essay on one occasion. the logic to this is that once a student falls behind in one thing, then they have a back log and are likely to be late with other work in other subjects as well. By allowing them to convey to me the key issues of the work it saves them time, they can get it in on time and that backlog does not start to build. Sometimes I will approach their other teachers or lecturers and suggest they do something similar to allow that student to get back on track. deadlines are important. Imagine going to an auction and asking if you could decide what to bid 24 hours after the hammer has fallen... So helping students manage time and work to deadlines is as important as helping them to do well!