It's not good, but there's been a slight improvement.

"STATE OF THE BAY 2010
President’s Message
Almost every day, I get asked how the Bay is doing. Recently, I started
responding with an answer that I’ve long wanted to give. There are some
encouraging signs of improvement. The index has increased three points
since it was last issued for 2008.
But make no mistake, the Bay is still a system dangerously out of balance—
the U.S. Environmental Protection Agency (EPA) lists the Chesapeake and its
tidal tributaries as impaired. Health departments still caution people to stay
out of the water for 48 hours after a heavy rain. Fish consumption warnings
continue. Human health is at risk. And tens of thousands of jobs have been
lost in fishing and related industries alone.
A Bay Health Index of only 31 versus a score of 100 when Colonial
settlers arrived is a sad testament to how we have treated a National Treasure.
There is a great deal left to do.
For a moment, however, let’s celebrate the progress that has been made, even as
we rededicate
ourselves to a fight for the Bay’s future."

More at:

http://www.cbf.org/Document.Doc?id=596