Understanding Penn's regular decision process and how it works?

I'm thinking of applying to the University of Pennsylvania under regular decision and would love to understand what the process looks like. Any advice or details about how it compares to early decision would be really appreciated.

Regular Decision allows students to apply to multiple schools without restriction and compare financial aid packages before deciding. The deadline for Regular Decision at Penn is January 5th, and you'll receive your decision by April 1st. If accepted, your decision to attend isn’t binding, which means you have until May 1st to commit to the university.

If you're comparing this to Early Decision, there are some distinct differences. The most significant difference is that Early Decision is binding. If accepted, you're obligated to attend unless the financial aid package you receive doesn't adequately meet your need (you would usually verify this with the school's net price calculator prior to applying ED). The Early Decision application deadline is November 1st and you'll hear back from the university in mid-December.

The other significant difference is that your chances of admission are generally higher if you apply Early Decision. However, you should only apply in this round if Penn is your absolute first choice and you're prepared to commit. If unsure, the Regular Decision round is often the better choice.