[Edit: Added Oct. 10, 2010.]
Let me add a remark about the relevance of distinguishing between fine structural or 'coarse' approaches. In the usual, non-fine structural setting, we use a predicate $U$ to build $L[U]$ and $U$ is, in $L[U]$, a normal, fine measure on some cardinal $\kappa$.
(There seems to be an issue with LaTeX, so let me on occasion write $s(A,\gamma)$ for $A_\gamma$.)
Note that $s(L[U],\kappa)=L_\kappa$. (Because, as one can easily verify by induction, $U\cap s(L[U],\gamma)=\emptyset$ for all $\gamma\le\kappa$. Note that this does not happen when we form $L[A]$, for $A$ a set of ordinals. But $U$ is not a set of ordinals, but rather a set of sets of ordinals.)
However, as soon as we see enough of the measure, we are actually able to define new subsets not just of $\kappa$ but even of $\omega$ (for example, $0^\sharp$).
Consider a countable $X\prec s(L[U],\lambda)$, where $\lambda$ is some sufficiently nice ordinal to ensure that $L[U]_\lambda$ is a model of a sufficiently decent fragment $T$ of ZFC. (That $\lambda$ exists is a consequence of the reflection theorem.) Then (by the non-fine structural version of condensation) the transitive collapse of $X$ is $\bar X=s(L[D],\gamma)$ for some countable $\gamma$ and $D$ a set that, in $\bar X$, seems to be a normal measure on some cardinal $\tau$. In particular, there is a real $x\in\bar X$ such that $\bar X\models x=0^\sharp$ (because we can assume $T$ strong enough that the existence of $0^\sharp$ is provable in $T$ from the existence of measurable cardinals).
Since the collapse map is the identity on reals, it follows that actually $0^\sharp=x$. This means that $0^\sharp$ is ("quickly") definable from $D$. But then $D$ cannot be in $s(L[U],\kappa)$ or else $0^\sharp$ would also be there, which contradicts that $L[U]_\kappa$ is just an initial segment of $L$.
This means that, not only is $\bar X$ not an initial segment of the constructibility hierarchy of $L[U]$, but it is not even a subset of a very large initial segment of $L[U]$.
Hence, if we want a strong version of condensation to hold, where the structures $\bar X$ not only ``have the right shape'' but are also initial segments, then we necessarily must use a different hierarchy, meaning we cannot simply form $L[U]$ by constructing from $U$. (Note that, as classes, $L[U]=L[A]$ for many sets $A\in L[U]$.)
This suggests (almost forces on us) the approach that fine structure takes, of considering a more elaborate predicate than just $U$ but rather one of the form $(U_\alpha\mid\alpha<\tau)$ where each $U_\alpha$ is a measure (such as $U$) or a "small" measure (such as a sharp): In this sequence we would add $0^\sharp$, something like the set $D$ in the example above, and many others.
The result is that in a sense it takes us longer to build the stage of the construction where we finally add $U$, since we will be adding more and more sets along the way. But the payoff is that we get back a strong version of condensation.
This also has additional advantages, of course, although one needs to understand a bit of fine structure to appreciate them. For example, it is a popular question in the Qual exams in Set Theory at UC Berkeley, to ask for a proof of diamond in $L[U]$. Once one understands that $L[U]$ can be reorganized in the way hinted at above, one can then prove diamond rather easily, essentially by the same argument as in $L$ (using the now available strong version of condensation).