mrund3rd09 said:
How much of a publication is based on luck?
It really depends on the field. In astronomy and astrophysics has a policy of "light peer review" which is to say that if you have results and you aren't totally kooky, then eventually you will get it published. I think the stats are that 70% of the papers that get submitted to Ap.J. eventually get published.
In economics and the social sciences, getting published in the "top journals" is an altogether different process, since only something like 10% of the papers get published.
One thing that makes astro different is that the bottleneck are grant applications and proposals for computer/telescope time.
What details/advice should one be aware of when pursuing a publication? (read a lot of already published papers? spend a lot of time in the lab? etc.)
In astronomy/astrophysics there really isn't anything magic. Start up your telescope, look at something, write down what you see.
What differentiates the first author from everyone else who made a contribution?
Field dependent. In astronomy, it's assumed that when you have a senior scientist and a graduate student, that the graduate student did the grunt work whereas the senior scientist provide insight and mentoring. The order of names in astronomy isn't hugely important, because people will assume that this was the distribution of duties regardless of the order.
What exactly does a publication show in a grad school application?
Not very much, by itself. The trouble is that it could very will be that the undergraduate washed test tubes, and his name was just tacked on the paper. Or maybe not.
By itself the publication doesn't mean very much. Now if in the recommendation letter, you can have the other people in the paper say wonderful things about you (i.e. that the paper was really your idea, and you did much more than the typical undergraduate) then that makes a big difference.
Lastly, what makes a professor good to work with? the ones who are well known, or the ones who have time for you?
Someone that you can be locked in the same room for several hours at a time, and years on end without either of you driving the other nuts. The graduate adviser is your foster father/mother, and in looking for a graduate adviser, it's almost like looking for a spouse or roommate.