One of the classic rides...you won't regret it.
As mentioned before on this forum, north to south is the smart way to travel--less headwinds.
The only negative is that Pacific Coast Highway below Malibu to Santa Monica becomes very dangerous--no shoulder, fast impatient drivers. Big Sur also has some teeth-clenching sections, but the scenery is so spectacular, you won't mind. Be sure to wear bright clothing and bring a strong blinkie.
Camping is the best way to go on this route. There are hiker/biker sections at the campgrounds. Try to go during the non-summer vacation months for less crowds. April/May or September/October would be nice.
A dated book, but still the best--essential!:
Bicycling the Pacific Coast: A Complete Route Guide Canada to Mexico
by Tom Kirkendall, Vicky Spring
A good write-up by some fellow bikers:
http://www.bitrot.de/bike_sfla.html
http://www.cyclingtheworld.org/tours/pacificcoast.php