First I need to thank the folks on this board for providing great tips for a first timer. I used the information, posts and tips from 3-4 years ago to have a successful first time visit. I made the summit on 9/11/10. Here's what I did.
Only 10 days prior I drove through Lone Pine and saw Mt Whitney for the first time. I live in Orange County CA and decided that I wanted to go to the top. My research online took me to this web site where I learned the following important pieces of information:
1. It's possible to get a permit at the last minute
2. Staying at Lone Pine Lake is a nice option
3. If you are flexible about overnight or day permit you have a great chance of hiking Whitney.
I arrived from Orange County at the visitors center just before 10a on Friday the 10th of Sept. The first round of available permits get released at 11a. There is no first come first serve for the process.
Everyone looking for any type of permit to any wilderness area on that day gives the ranger their license. They then put numbers in a hat and each person draws from the hat (one person per group). That is the order you will now attempt to get a permit.
It's possible and likely that some people who drew a lower number than you are not interested in Whitney so your chances increase. I drew 5 and was able to get an overnight permit (I was by myself). Another guy I met drew number 9 and was able to get 2 overnight permits. I didn't find this out until we ran into each other on the summit. Overall I would say there were 15 people who drew numbers but 25ish looking to get permits. Remember only one person per group puts their name in the hat. One large group was looking at another peak so they didn't affect my chances at Whitney.
I was stoked and went to town to finish gathering supplies and food. Left the Portal at 4:00p on my way to overnight at Lone Pine Lake. This was all based on earlier reports from others on this board who had done the same thing. THANKS for the tips! Anyhow...I made Lone Pine Lake at 5:30p with plenty of time to setup camp and eat. Stayed the night with a group of 6 and another group of 4. Lone Pine Lake appears to be very underrated...I thought it was fantastic and not nearly as crowded as the other camps.
Left for the summit at 5:10a on a nearly perfect day Saturday the 11th. Made the summit at 11a and stayed on top for 50 minutes. Almost no wind, wore a long sleeve shirt and was very comfortable. Didn't want to leave and not a cloud in the sky. Started back down at 11:50a and arrived back in camp at just after 5p. Took a 30 min lunch and took my time on the way back. The return trip was long and I can see how a day hike from the Portal to the summit and back in a single day is a tough day. I stayed another night at Lone Pine Lake again with the group of 4 and a new group of 6. Lone Pine lake never felt crowded.
As an aside I have to say I was grossed out by Trail camp. It was extremely crowded. I can't imagine staying there....the Sh&*T bags just lying around were disgusting and there was a lot of trash. Nasty. I was really blown away by the treatment of this area by campers and hikers. The ranger had layed out all the trash and wag bags he found in a 'lost and found' area. Wow. The pile was from what he picked up that day only and was quite a sight.
Anyhow, the experience was much better than I anticipated. I was thinking it would be cool but it was fantastic. Although there were quite a few people on the trail most were extremely friendly and everyone in good spirits. For some reason I loved hanging out at Trail Crest. I thought that section was as cool as Whitney itself.
For the record...I went with very little water. I had read from someone on this board that water from various falls was drinkable and safe. I had no choice as I had not brought along a filter or iodine. I drank water from the falls just below trail camp and as of Tuesday night I have not gotten sick. However, in hind sight....knowing the state of the small lake at Trail Camp I don't think I would do that again. I still think it was better than drinking filtered water from that nasty lake but I probably got away with one

For those of you relatively close to Whitney I wouldn't hesitate to attempt to get a last minute permit. You need a little luck but chances are very good that you will succeed. There were plenty of day passes for Saturday and that was my fallback had Friday not gone as planned.
Hope this helps others.