Even though all the storms over the last couple of months, have closed some areas, the rains have created lots of greenery in the area. There are points of the road, where some water is still coming across, but nothing slowing down a little will hurt. If you have not been to the area before, McWay Falls is about 20 miles south of Big Sur on US 1. The trail down to the beach was closed, but you could still take in the views from the road side pull out.
I would recommend staying in either Big Sur or nearby Monterrey, and spending the day visiting all the vistas along this stretch of coast.