This is a beautiful trail! I agree that the view from Poopout Hill is not to be missed, but I didn't understand that it's a view UP to the mountains, not DOWN to the valley. You get a great view of San Gorgonio and the peaks to the SW.
The trail up to Dry Lake junction (South Fork Meadows) is mostly forest duff and dirt, so not so difficult. South Fork Meadows is a beautiful place to stop and filter water from the multiple stream channels.
Above South Fork Meadows, you do 5 switchbacks up the mountain, which are a good workout, so take frequent breaks. Then you head the rest of the way up the canyon to Dry Lake, a very welcome sight once you get there.
Dry Lake itself was 2/3 full when we went there (June '07), but you still wouldn't want to get water from the lake -- too much algae. Instead, find Lodgepole Spring and pump water there.
There are lots of tent sites at Dry Lake Camp, though you may have to hunt up the ravine a bit to find the more secluded ones. You can see the summit of San G from the lake. If you choose to dayhike San G from here, start early! It's a hot 13 mile round trip up and back to the Lake. But overall, Dry Lake is a beautiful destination.