The recent snowpack survey puts snow levels at between 175% and 195% of normal. That's a lot of snow. There are still areas of Southern California that are in drought conditions, but in general things are looking pretty damn good on the water front.
On the backpacking front, not so fast. Literally. The big snowpack means that the high country is going to open a lot later than it has the last few years. Highways and trailheads may not be open, and passes may be snowed in. Stream crossing will be a challenge well into July and even August.
This year is a good one to plan for a later season trip.