I live about an hour away and travel there often for weekend rides, wine tasting weekends with the wife, family jaunts, etc. It's a great area full of wineries, fantastic foodie restaurants, christmas ornament/etc. type stores, and the like.
The ride, itself, is always good. The routes are usually pretty similar, year-to-year, but there have been a couple different organizations who host centuries up there. They have all seemed to do a good job of it.
If you can get a room in Hotel Corque, get it! It's a great place to stay and often hosts the start/finish. The rooms are really nice (some with hot-tubs!) The in-hotel restaurant is excellent.
If you can swing it, stay for a day or two before/after the ride and avail yourself of the wine tasting and food options in the region -- it's well worth it.
For a more budget option a little out of town, check out the small town of Los Alamos for a great couple of little motels and clutch of restaurants. It's also a great spot to start a ride loop to/from Solvang on the day(s) you're not actually riding the century.