Yeah it seems that way Steve, but you are actually "climbing" on an inclined treadmill. The gain is achieved by gaining back that step that you lost, with the back step being 15 degrees lower than the front. However they say to set the incline at 1 degree to make up for the lack of wind resistance. So since the treadmill say I climbed 6500 feet, I multiplied that by 14/15 to get around 6067 feet. It's a heck of a lot tougher to do a treadmill at 15 degrees than flat, especially with a pack on, so obviously you are doing a lot more work.
I think it will help quite a bit. I was actually bummed about chickening out of the practice hike and I felt like a punk. But I know my body well enough to realize when it's time to quit and on the way home during my boring 5 1/2 hour drive I got the idea and doing the practice hike on my treadmill. It was very boring, but it was over in 4 hours, and I didn't have to do any downhill.

Driving to Kings Canyon to mimic the Whitney hike is a 22 hour adventure and losing sleep. Next year I'll probably do the treadmill again unless I have company.