For the kids at the top but not intel winners, @Much2learn spells out the best stradegy. However, most people who are in range and do not have a clear prefernce are tempted to roll the dice avoid ED and see where they land. I did that. My siblings will be applying ED at whatever level is appropriate for them. I had another friend who was thinking of ED, but his dad would not let him because he wanted to see his options (top of class and 34) even though money was not a big deal to them, otherwise similar stats to mine. He is going to our state school, barely got in anywhere not sure why, we are not close.
To the first time families ED appears to be a way to apply to your very high reach. For the top this would be the SCEA schools instead because they think they can get into the non HYPS RD. It should not be viewed this way unless you really are a top candidate and cannot imagine not going to a HYPSM (see @puzzled123 who gave a great definition in another thread). It is a way to increase the odds of being accepted to a high match, low to mid reach not the quest for the impossible (although it does happen but usually not).
First timers (those who have not seen the process directly, my siblings will not be first timers because they saw how torturous it was) do not realize how many similar applicants with top scores the top 20 schools get RD.
unless if you do not get in you will go to a state school because you can still do EA to states for MOST ED/SCEA EA schools.