Before answering that question, we have to consider the answer for different regions of Florida, for different kinds of users, and over what period of time. The U.S. Drought Monitoring site (Drought.gov on the list of agencies to the right side of this page) has an immense amount of relevant information. Their February 15 assessment shows most of Florida in some level of drought designation. On February 17, they forecast that the drought would intensify through at least May of 2011.
The water management districts also prepare drought assessments. For example, you can find at the St. Johns River Water Management District a great deal of information on rainfall and hydrologic conditions. Similar reports are available from other water management districts. Perhaps the most detailed set of assessments and forecasts are for Lake Okeechobee (prepared by the South Florida Water Management District). One of their reports lays out the probabilities for what will be the levels of the lake and water conservation areas over the next months and year.
Yes, much of Florida is in a drought.