I wish that every video (for late hits) had an actual honest-to-goodness timer added showing the time between puck release and hit. Then make a clear definition of what a late hit is (with provisos, of course, for a player trying to minimize impact -- you can't always do a flyby or you'll be riding the bus in the AHL).
That way they can say "The hit came 0.75 seconds after the puck left the stick, clearly in violation of the league's 0.5 second allowance."
Sounds good, right? I've said this a bunch of time -- I even asked NEELY a direct question -- the play we all call "finishing your check" is most often a blatant late hit. If you are going full-bore at the guy but then, if you see the puck is gone you let up or veer off, that's one thing. But if you not only continue coming, but also extend your arms, spring up from bent knees to hit up, raise your stick/arms, jump into the hit, or take more than one stride *after* the puck is gone it's nothing but intent to intimidate or injure and is not a hockey play. Hitting in hockey (outside of fighting) is only allowed to separate the player from the puck; when the puck is gone, you tip your hat to the guy for being quicker than you and mutter to yourself "I'll get you next time."