I don't live the area but I have biked there many times. A big difference with Monterey area v. SF Bay Area/East Bay is the weather; think cool, cloudy, misty and windy. Riding in the wind is pretty much the constant deal it seems. My sense is the bike community is more of a mix of commuters, FGs and MTBers.
Check out the Santa Cruz Randonneurs website, based north, it will give a feel for the terrain, ride possibilities. I may be wrong, but my sense is serious road cyclists that live in Monterey tend to leave the Monterey area to do their riding.