Adding to bobpickering's post: It is also an attempt to shorten the lines and wait times at the Visitor Center.

jaym wrote: "Start puking from altitude sickness probably around Lone Pine Lake make hasty retreat back to car...."
Yep. It enables day hikers to enjoy the AMS to the fullest. grin

also: "Can you sleep at Whitney Portal and sneak in the next day?"
Nope. But people could use head lamps and hike up and camp at Lone Pine Lake the first night. I've done similar things in Yosemite: start hiking after a big burger, hiking into the night, set up camp after a few hours. Wake up next morning and carry on.