I did Cinque Terre on May 6, 2013. At this time the trail from Monterosso to Vernazza was officially open. The trail 2 from Vernazza to Cornigila was officially closed but you could do it at your own risk (without a problem). From Cornigilia to Manarola only the trail 2 (the higher trail) was open. The trail from Riomaggiore to Manarola remain gated and closed.
I did the trail from Monterroso to Vernazza. Besides the views at the end of each trail looking down at the villages it was not exciting.
In my opinion you can see all of Cinque Terre in one day. This would include doing the trail between two or three villages plus spending plenty of time in each place.
I stayed in La Spezia and took the train to Monterroso. After seeing each village I am glad that I did not stay in Cinque Terre. They were not exciting to me. My recommendation would be to stay in the city of Lorento and use that as a base. I enjoyed Lorento more than all of Cinque Terre!
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