i suppose if you're looking to do a fully supported century and don't want to drive far, the OC fondo might be okay, especially if its going to be your first. but even then, there are so many other centuries (i.e. solvang) that are much nicer.
problem with the route is that you get back bay, which is nice although short and is already crowded with joggers and bicyclists on any given weekend... then you transition to what i think is one of the most dangerous stretches of PCH. that juncture off of dover is scary and then as your pass through all the car dealerships, there is no bike line and tons of parked cars that you have to look out for. then you hit SART, 25 miles of dry channeled cement river bed action. and then another 5 of industrial/ residential on taft. finally you get to santiago canyon which is probably the nicest stretch. but it will be single file riding for the most part. the rest of the route is rolling terrain on major streets, passing through tons of strip malls and residences.
at the very least, the planners should have included a climb up pacific island drive, drop down laguna canyon and PCH and then maybe newport coast. that would have given people some more canyon views on laguna, an actual coastal view on PCH and then a nice little climb up newport coast. at least that section would have provided some of the best OC has to offer in terms of terrain and views.