I happen to really like the California. Of course, I live in CA, but I swear I had nothing to do with naming the car

I'm a big fan of the front engine, long nose style of GT cars like your 550 and the Aston Martin DB9, so the California really appeals to me. I know Ferrari is in the business of making money, so selling a few more cars will be good for them. I doubt this will hurt the market on other Ferraris. At least I hope not. Plus, they are going to have a hard time meeting the new EPA standards in the U.S. if they don't consider a higher volume, more fuel efficient car. So far, this seems like a decent move in the right direction.
I'm with you though. Buy it. Drive the piss out of it. Have fun. Besides, 450+hp and 0-60 in less than 4 seconds... sounds like fun to me.
Check out the specs, if you haven't already.