Yeah, these rains do help reservoirs a lot, given that they hit near one. They don't call them "isolated" thunderstorms for nothing. :) I just got back from town, where six miles from the house there was standing water everywhere, while we're dry as a bone here. They also help in the Winter when the cold systems translate to snow and snowpack in the mountains, which is actually the most important factor for CA water. Otherwise, for general soil moisture for crops, etc, then yeah, they don't do much as they quickly saturate the surface, then start running off to non-useful places like the ocean.
I believe the last really nice light and steady rains we had, at least south of SanFran, were in I think Dec of 2010. I remember dove hunting in the rain every day just before Christmas while it came down in mostly heavy drizzle form for nearly a week straight with very few breaks. Lots of good ground saturation.
All signs point to a massive El Nino for this year, bigger than even our '97 storms. The fly in the ointment will be the massive and persistent anomalous high pressure blob (named the "Ridiculously Resilient Ridge) that has been parked off CA during our rainy season for the last couple of years, which has been the major contributor to drought conditions. If the ENSO system is massive enough to break through that, it's going to be a very wet Winter here. If it isn't, then a lot of that rain will push into the South from AZ to FL.