1) Few refineries make it, so it's MUCH more expensive. But if you're living in California, it is easy to miss because EVERYTHING is much more expensive.
2) Mileage is generally poorer, due to the mandatory ethanol mixes. But some places also usually mix in ethanol, and the difference is usually in the 10-15% range. So unless you have a good A/B comparison going, it's also easy for it to blend in with all the stop and go driving, and terrible road conditions.
3) Mandatory Ethanol means generally very poor storage characteristics. Which considering how much driving happens in California (and how dry the climate is in the populated areas), most people won't notice.
So does it suck? Comparatively, definitely! Is it likely to be noticed unless you're very aware and have experience with other options? Nope.