Prediction of rain has been dialed down a bit, but the latest from the National Weather Service is that we may see the wet stuff around dawn Saturday, and probably not as much as feared:

 A STORM SYSTEM CONTINUES TO DEVELOP OVER THE EASTERN PACIFIC OCEAN  AND WILL APPROACH SOUTHERN CALIFORNIA FRIDAY. LIGHT RAIN IS EXPECTED  TO DEVELOP ON THE CENTRAL COAST FRIDAY AFTERNOON… POSSIBLY REACHING  THE LOS ANGELES BASIN AROUND DAWN SATURDAY. CONSIDERABLE UNCERTAINTY  REMAINS WITH HOW MUCH RAIN WILL FALL FROM THIS STORM BUT THE BEST ESTIMATE AT THIS POINT IS UNDER A HALF INCH IN ALL AREAS. SNOW LEVELS WILL BE ABOVE 7000 FEET FOR THE DURATION OF THIS EVENT…WITH ONLY LIGHT ACCUMULATIONS EXPECTED EVEN AT HIGHER ELEVATIONS.