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These terms refer to the time at which people start to adopt new technologies or ideas. The early majority are the ones who adopt things at a medium-early point. They're not the earliest, but they are before the average. The late majority are those who wait longer before they decide to go with the new ways. They're not the latest, but they are the ones who adopt just after the average.
There is some advantage in being part of the late majority. For one thing, kinks in the new technology have usually been worked out by the time these people pile on. For another things, prices tend to have fallen by that point (think of big-screen TVs). I almost always wait until a new kind of product has been on the market for a while before I buy.
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