PKAY - I have a C&R and by all means go for it! As johnwill mentioned, the Brownells discount alone makes it worthwhile... tho' I DO seem to be spending more money buying stuff from them than ever. Hmmmm...
BUT... I see that you, like myself, reside in the formerly great state of California. This, of course, means some caveats - I'll try to summarize -
1) C&R longuns from out of state are fine, as long as they are 50 years or older. C&R's listed on BATF list younger than this are verboten and must go through a type 01 FFL unless you have a CoE (more on the CoE in a bit).
2) C&R handguns - verbotin. See above.
3) Buying a C&R through a local dealer - 10 day wait, 4473, and 14.00 DROS fee, UNLESS you have a CoE.
4) CoE - Certificate of Eligibility. A CoE may be obtained by supplying the CA DOJ with two sets of fingerprints and payment of a $73.00 fee, renewable at a cost of $17.00 per annum. With the CoE, there is no 10 day wait for longuns, but you still have to pay the $14.00 DROS fee.
The full story is at
http://www.empirearms.com/cal-ffl.htm
Fun, huh? Our taxpayer dollars at work.
Please don't let this discourage you. I still say go for it. Just be aware of the idiotic laws out here.
Cliff