I didn't see any dangerously high water or extreme mud. At one stream crossing the water was up to my knees, but it was hardly moving, so only a minor inconvenience. Probably could've crossed without getting wet at all if I bothered to look around. I think that stream was near the southern end of Smith Meadow.
The only "don't miss" would be Smith Peak itself. Some nice camping spots up there, but not sure if it normally gets crowded. There were a bunch of people camped up there when I was there (and more heading up as we were hiking back down), but it was a holiday weekend. Lookout Point was pretty nice as well.