I used the road twice last September on my way to McCall Basin. The road is blocked right near where 1207 leaves the road that rounds Clear Lake. The bridge is intact (don't know if it was wiped out and rebuilt/repaired or never wiped out, just weakened). The road surface past the road block is very good for hiking or riding (horses or bikes). The road is fairly level all the way to the end where there is a developed campground with a toilet. Its about 5 miles, if memory serves, from the road block to the end of 1207.
I've been told that there was some conversation about not fixing the bridge, which makes sense to me since the road is really an incursion into the wilderness for about half of its length past Clear Lake. I'd be fine with parking at the road block and hiking in the rest of the way, though, using the bike was much faster. If they just didn't fix the bridge and also did not change the wilderness boundary, then biking down the road would still be permitted.