St Augustine inlet dredging has begun (yes!) as of March 2012. Here is some info on the current
state of the inlet for those who may be heading our way:
The following info is what I observed when I sailed through the inlet last Saturday (March 17)
It appears they have removed all pairs of inlet markers except the very first pair after the sea buoy and the pair at the 'turn' location. Additionally, the two red buoys (once you get inside the jetty) have been moved around: There are still two reds but they are a lot closer to the jetty and along a NE-SW orientation... (used to be E-W) They are now marking the dredge pipes, etc type of obstructions and it is very important to leave these reds on starboard side while approaching/entering the jetty portion of the inlet.
During the approach from the sea buoy, one can find the 'turn' mark pair by lining up the sea buoy with the Vilano bridge (can't miss it; very large causeway bridge) and once at these (turn) marks, aim at the reds by the jetty (roughly a turn of about 30 degrees to port if my memory serves me right)
I have no idea what the newly dredged inlet location and direction will be. When they finish dredging, I'll try to post it here.
Hope this helps. Fair winds to all!