My wife and I did it last year. It was damp but not that muddy. The only difficult part was the birch glade that Dave mentions. It had chest high undergrowth and the "trail" no longer has a footbed.
I have done a dozen trail marathons and only one winter Presi traverse. The traverse is way harder. The miles cannot be compared to walking on the wilderness trail or Owl's head. Unless we get a ton of snow, the walk thru the northerns is rocky and tedious. I did Monroe thru Madison on Friday...
I hiked the Hancocks on Tuesday afternoon and was probably one of the last people out there before the warm weather hit. As Becca said, it is probably way more fun on skis but I would bet that all dozen of the crossings are now open and the skis would be on and off.
Thanks Trish. I really enjoyed having you both along and it was super special because of the fantastic weather!
http://charbs.smugmug.com/Our-Hiking-Journal/NH48-2011-2012-Winter/20120216AdamsandMadison/