We ran it a couple weeks ago - real low at about 3/4 on the gauge at the confluence (58 on the gauge at the putin). Floated by on Sunday and the gauge at the mouth was ~1 on the downstream side and 1.25 on the upstream side (water piles up on the gauge). There are two rocks by the big pine tree (on river rt of the S Fork, yes I know that's a lame description ...) that I use as a gauge - one was well covered, the other just above water. My reading is that means it's good to go, and medium or probably a bit below what I'd call med at that time. Today is probably the peak and I'm sure it's better.
On the run: First there's a NEW TREE just above the 'big rapid' - the big one with the scout/portage on the left, towards the bottom. THIS IS REAL IMPORTANT. There's been a tree in there for a few years, but the new one is just above the old one, and if you wash into this you're history. The old tree was really ugly, but I heard a couple guys washed into it and survived - the old tree is river-wide, and has a set of very stout branched down into the water. They apparently threaded the needle where there's a small (and I mean like 2' wide) slot. That option is no longer available because of the new tree just upstream of the old one. My landmarks for this MANDATORY scout/portage is a big cliff on river left, all the way to the water, and a big rock (size of a small garden shed) on river left. Good eddy above the rock, funky pull-out below on an 'island' (get out and then wade across a small channel).
On other trees - lost of them. We lost count of the number of portages - mostly very short - but my count was 13. There are a couple you can weasel your way by, depending on your comfort level.
Gauges: the best gauge is on the upstream side of the bridge at the putin, or river right. 60 on this is a very low, but possible. 75 is a really nice level. 85 is seriously rocking- no beginning creekers, and if you swim plan on waking out. Above 85 and you better be real good at grabbing trees and punching the couple holes that line up next to the cliffs. I'd guess that 1 1/2 on the confluence gauge would be high, and if it's really 2' on the confluence gauge, hold on tight because it's going to be HUGE. Don't think I've ever even seen it that high.
Opinions vary, but I think the Little South is a really pretty, long wilderness run. At moderate water levels, not many adrenaline-pumping rapids, but enought to keep you attentive. At high water it's a great trip.