While there is a still a SLGT worthy severe risk for the area (even if SPC did trim it, they have been meh), the flood threat looks to steal the show overall.
Upwards of 1.00-2.50" of rain fell across a corridor within N Illinois last night/this morning. It looks like a good portion of that corridor will overlap with the heaviest for this afternoon/tonight, with upwards of another 2-5" of rain possible. Could be seeing final totals in that overlap region in excess of 6"...if things line up correctly.