I guess it would be helpful to know if the OP is asking about conditions right now or if he is asking about general conditions in-season. I can't really tell so I can try to answer both.
We ride up there every year - typically over MLK weekend. The snow the last few years has been on the thin side but we still always manage to find good snow and get sleds stuck. There is a TON of terrain up there - great rolling hills and drainages. Not a lot of huge hills to climb, but there is some very technical tree riding which is what our group likes to do. There are also a good amount of trail riding and open meadows for the times we take the kids out for rides.
You can usually tell the snow conditions if you take an average of Rabbit Ears/Buff Pass, the Sierra Madres, and the Snowy Range. There are also a few SNOTEL stations that you can look at as well.
Hope this helps - we always have a good time in that area and we continue to book cabins and go up with a large group every year. The extra drive is worth it to get away from the average weekend traffic - IMO you need to spend at least 3-4 days up there to make it worth the long drive from the front range (Denver/Ft Collins). That is why RE and Buff are more popular - they are closer and the conditions are usually very similar if not better.
TK