I lived there for 5 years, my sister attended Cal Poly University there, and my best friend grew up there.
I consider it the best town I've ever lived in, and if I had the choice, the most idealic place to raise a family, next to Northern San Diego, which is another favorite area of mine.
As far as beaches goes, they are wonderful and varied. The water never gets as warm as San Diego waters, so wet suite is required when surfing most of the time. There are pristine state park beaches, where you can drive/camp on the beach, watch sea otters and seals frolic in the water, have bon fires on the beach, or golf near the beach at Morro Bay.
The cost of living is moderate for California. It is an somewhat upscale area, though not as pricey as LA and definitly not as pricey as San Francisco is. Best time to find a rental house/apartment is when the students are gone from May till July. Jobs are harder to find, the economy is bolstered by the large University population. Very low crime, no really bad parts of town. A revitalized downtown area, with a mix of student type hangouts and yuppie type shops, and restaurants. They close down the main drag in town every Thursday evening for a citywide Farmers Market. The whole town shows up to stroll and watch street performers and eat Santa Maria style BBQ tri tip and sausages from the different stands, while shopping for organic produce, and locally made San Louis Sourdough bread.
Beaches, excellent wine country, Santa Barbara, within driving distance, moderate weather with afternoon marine layer in the summer, great climate, safe, quiet, family atmosphere, and was recently voted the #1 city to live in America by some research group, but I already knew that long ago, make this a wonderful community to be a part of.
What else would you like to know?