Ditto to what Goat said above.
I like a bankfull stage, i.e. flooded but within the cutbanks and not into the trees. From my experience, catch rate is always better if I can control how and where the bait sits. It seems that in high water it’s harder to maintain placement (i.e. current bows the line, boat sways more, bait tumbles, etc) but if you can control how and where it sits then you are assured to catch something. If you can’t be on the ball with your bait and the current is pushing you around then you are S.O.L. Whereas in low and slow water, you can cast and place the bait anywhere you want but there’s less forced locales that’s usually typical of high water high flow fishing. It’s easier working conditions but not always easier pickin’s.
That being said, regardless of the way the summer of 2012 unfolds, just being on the water all night with my trusty fishin’ dog will be success enough! My sanity relies heavily on being able to hide out on the River with some BL Smoothies.