We've talked about Sandpiper several times before in here... do an archive search and maybe you'll find the prior discussions.
Basically, all agreed that it's a pretty darn good course, but the "poor man's Pebble Beach" description only holds true if the poor man can afford $100+ green fees, and if he really closes his eyes and imagines A LOT.
But John's right - in the immediate Santa Barbara area, there just plain aren't that many courses period. Most prefer La Purisima to Sandpiper, but it's a ways up the road... Rancho San Marcos is decent enough, but absolutely unwalkable...
Put it this way, Sandpiper is worth visiting just for the holes that on the cliffs above the ocean, especially if one never gets to play oceanside golf. Just don't go there expecting Pebble Beach or disappointment will be sure to occur.
TH