Well, I did end up getting there right around 9am. The line was nuts, nearly wrapping to the fence by the edge of the property. There were probably another 75 people behind me by 10am. Around 1030am I discovered the 'last man standing' (last person guaranteed any food) was about 5 in front of me. An employee from Franklins told the people around me there may or may not be food left past that person, and if anything it would likely be scraps. Most people in the back of the line left at that point, but I decided to stick it out and hope for the best. Luckily, they had everything available except for the turkey when I finally got to the counter to order at 2:45pm. If I had known it would take nearly 6 hours to get food, I probably would have skipped it but oh well. I've never even waited for beer that long. I think because it was Saturday the day before Easter it was even crazier than normal.
I wouldn't wait that long again, but the experience was memorable. I was able to set up an in-person trade during my visit and the guy was nice enough to meet me while I waited in line. I got to drink the extra he gave me, Austin Beerworks Heavy Machinery DIPA, right on the spot since it was nice and cold. Really nice beer. Also had a great time chatting with the people around me. I met locals as well as people from all over - Atlanta, Miami, another New Yorker, etc. The time went by quicker than I thought. A highlight was the local a few behind me who got so drunk drinking in line he threw up minutes before he was to put in his order. Nice guy though. Also, the staff was amazing - friendly, good at providing updates and setting expectations.
Anyway, on to the part you (and I) are waiting for - the food. As a New Yorker, my exposure to 'real' bbq has been limited so I am speaking from a relatively uninformed position. But the brisket was one of the best things I have ever tasted. It basically melted in your mouth. The (beef) ribs were unbelievable as well - delicious char and bark. Pulled pork was also a clear winner. The pork ribs and sausage were both good, but nothing special in my opinion. I also dug the bourbon banana pie, though had to eat that in the evening since I obviously had no room for it after consuming more than a pound of bbq.
I went from Franklin's straight to Jester King and had a great afternoon/evening there. It was already one of my favorite breweries based on the great beer I've tried by them in the past, but my first visit also made it one of best brewery trips I've ever had. Just a wonderful place to spend a day. Overall, great time in Austin.