Went up to Bright and Beechworth about a year ago.
Apart from short sections through Myrtleford and Porepunkah, the railtrail appears to follow the railway reserve very closely. The old Myrtleford yard and station area got sold off for a housing estate but the original tree from the station car park still exists ("the Big Tree" - even rated a mention in a VR Newsletter in the late 1960s IIRC).
No locos, only rollingstock at Bright in No. 1 Road - the only track left there - but if I remember rightly, the good shed was still intact too.
Platform and station building still exist
At at least two station grounds (Everton and Ovens I think), short platforms and mock station buildings have been constructed - they consist of a small shelter, toilet, picnic table and benches, water taps (for filling bidons) and even bike stands. All in all, very well done.
The branch to Beechworth is also a railtrail and the station, goods shed and platform is still intact at Beechworth. There are still a few signs of the old Yackandandah line beyond Beechworth (cuttings and embankments) if you know where to look. The old Yackandandah station site is now a council yard above the township.