The automatic late submission penalty is a useful feature. However, it's a bit of blunt instrument. Specifically, presently, there appears to be no way to distinguish between a student who submits an assignment even one minute past the deadline and another student who submits 23 hours and 59 minutes past the deadline.
It would be useful if, for the first 24 hours, we had the option of imposing a graduated late penalty. For example, I would like to be able to set a lower penalty for assignments turned in, say, within 30 minutes of the deadline, a slightly higher penalty for assignments turned in between 31 minutes and 90 minutes, and so on.