Randy...Although I haven't been through the channel myself since Sandy, I haven't heard of any changes. Beginning from the intercoastal marker "BI" you can easily follow the channel which is clearly marked. The channel does have a series of bends and is unforgiving if you wonder beyond the cans, but it's plenty wide and well traveled, so you'll likely have enough traffic to follow.
You can follow Oyster Creek channel from the BI by heading due east about 100 yards where it begins at the 40 can. The channel continues for a few hundred yards then turns north east and then back east at a lighted buoy. You'll continue on a generally straight course eventually curving south east along the sedge banks. Then, the channel will begin to head almost directly south when it meets with Double Creek channel - this can be slightly confusing. Oyster Creek Channel starts to turn easterly slightly as you pass the Double Creek cans to starboard. Here's an important note, especially if you choose to follow traffic: shortly after the channel merge is an unmarked mud channel which cuts through a sandbar heading straight for the lighthouse. It's plenty deep, but again, unmarked. The actual channel continues past this point still heading in a southerly direction eventually making a large counterclockwise arc to the north. When you finally complete the arc, you'll be heading north as you travel past a commercial pier where the coast guard and fishing boats are. Hang in...you're almost there. As you pass the lighthouse to starboard, continue heading to the north side of the inlet, this is the marked channel. Although the south side of the channel is deep enough, there's a lot of shoaling and when tide and wind are against each other, some moderate wave action makes for a bumpy ride.
As for the inlet...depending on the day it can be 'interesting". If tide and wind are opposing you'll likely have heavy rollers at the mouth. If seas are high and wind is strong those waves will crest - obviously pick another day. Since you're heading south this shouldn't be a concern, but you should know the rocks at the north jetty are submerged toward the end before they meet the north monument. If for any reason you decide to head north, BE CERTAIN you are PAST the monument - you'll never make it over the jetty.
Dave