It seems like it should be amazing, and that the weather cooperates pretty much year round. I might be going to school out there next year, and when the department head asked me what was my motivating factor if I select Santa Cruz for my phd, I think she was surprised when I said quality of cycling.
I love it, and I ride it frequently. For flat, head toward Watsonville. For hills, ride inland. Highway 1 north out of town is great. Start in the morning and turn around when the afternoon northwesterlies kick in for a tailwind that beats all. Favorites: Soquel-San Jose to Summit/Highland to Eureka Canyon to Hames to Freedom to home; Rodeo Gulch, Empire Grade, Ice Cream Grade, Mountain Charlie ..... I could just go on and on. And if you're thinking of UC Santa Cruz, you've just dialed in the most beautiful university I've ever visited.