I've run this race at least three times, and I'm a fan. There's nothing fancy about it, but it somehow manages to get consistently good weather and to be consistently fun.
The route: The 4-mile course mostly wanders through residential streets. There's a short scenic stretch alongside Lake Los Carneros, but the majority of it feels like running around your local neighborhood. And if you live in Goleta, you are! It's very flat and fast. It's almost entirely in the road, with a very short dirt portion.
The T-shirt: It's a boring Tshirt, but hey, you get one.
Cost: In 2012, the race was $35 on race day. I think there was a pre-reg option as low as $25.
Crowd: It's a few hundred people every year with a handful of speedy folks and a lot of recreational runners.
Misc:
Awards go 3-deep per age decade.
They usually serve hot dogs after the race.
Photos are available.
This is one of a 3-race series -- the Triple Crown. Runners who complete all three races are entered into a drawing for prizes.