http://www.fs.fed.us/r5/inyo is the correct web address :)
I hiked this on 7/29/2013
The trailhead is located just before the entrance into the Yosemite Park, to the left as one looks at the ticketing boots. There is a parking lot right before the entrance, so there is no fee if the intent is just to hike around that area.
Mt. Dana could be easily seen from this gravel parking lot. The hike itself is only 2.5 miles one way. Keep in mind though that one gains 3,000 ft altitude in these 2.5 miles. Meaning: the hike is steep. The trail is very well defined. The fist part goes through the Mt. Dana meadows and then starts brutally uphill. Once above the tree line, one is a mile into the hike. From here don’t let yourself deceived: the summit one sees is just a ridge and not Mt Dana. Once one reaches this ridge, the real summit appears. Your jaw will drop. From the ridge to the bottom of the final climb is a nice walk, but it will feel very short compare to what is coming. It took me 2:10 minutes to hike. One hiker told me it took him 2 hour to get to the top. The top was very windy and mostly cloudy: I was barely able to see Mono Lake from there. The views toward Yosemite Park are very spectacular. Most of the hikers took between 3 and 4 hours to the top. It all depends on the experience and training. Although this might look like a shot hike, Mt Dana stays at over 13,000 ft. Yes, the altitude will get to you. Be prepared. Good luck.
Had the privilege of hiking Mount Dana this past weekend. I had scouted it out a few weeks ago but the hike proved difficult due to the snow above 11000 ft. The trail was very hard to follow. This time we manage to stay on the trail for the most part. The first mile and a half is very enjoyable as you hike the valley floor and wind past the lakes and ponds. The ascent starts gradually giving a false sense of security. At about a mile and a half the terrain turns very rocky and the ascent becomes very difficult. I suggest a slow methodical ascent and you will be rewarded with some spectacular views at the summit!
You have to be a very good hiker to do the round trip in 4 hours. I think six is more reasonable. It took me 8 hours.