I missed the application deadlines for round one for my three top schools: Kellogg, Dartmouth, Columbia.

Is it worth it applying for round two? Or should I just wait another year? Are there any benefits in applying during round two?

Anybody have any insight on this? I'm still preparing my applications and will probably submit for round two.

I don't really see the reason why you should not apply for the second round. Common wisdom says that you have somwhat better chances in round one, all other things being equal, because business schools want to fill their quota sooner rather than later, and because there are usually less applications submitted in round one . However round two is a legitimate application deadline. It is not just a waiting list to fill the remaining spaces left by those who were admitted, but did not enroll in round one. Business schools do leave spaces for round two, and if you are a right fit for the school (GMAT, GPA, work experience, personality, etc) you should not waste a whole year, just 'cause you missed round one. Unless, of course, you have some other considerations why to delay application by a year, like you know your GMAT score is short of the target school range, and you don't have time to take it again before the second round deadline.

I think you're right for the most part. The only real difference is that your overall chances of getting in are better in round one, because there are more spaces available. Round two is necessarily more competitive.

With this in mind I've only applied to the schools I really want to get into for round two this year. If I don't get in I'll apply to everything including safety schools next year.

Glad you made that decision to apply. At the very least it could be good learning experience about the complete application process. But I really wish you to be admitted to your desired schools this year.