This is the second favorite spot of ocean windsurfers and kiters in the LA/OC area (Cabrillo Beach being the first for windsurfers, Belmont Shore the first for kiters). The wind is comparable to Belmont Shore and iWindsurf (http://www.iwindsurf.com) has a sensor here on the top of the River's End restaurant.
Parking is $5 right next to a very nice grass rigging area designated for windsurfing (and kites too of course--but the sign doesn't say that, hehe). There is also a fresh water hose and dinghy rack for washing and drying your gear. Unfortunately, it is a very long hike across the sand to the water; some folks even use wheeled strollers for their rigged gear.
You must launch only between two designated signs and it is strictly enforced by lifeguards who want you away from surfers and swimmers. They don't allow any playing in the waves near shore either. Many children learn to surf here right next to the jetty as the waves are quite small.
This is a fairly small sailing area between the pier and the jetty, but if you sail out beyond the end of the jetty there are some nice long swells that come in for easy wave sailing.
WORD OF WARNING: this place is known as "Ray Bay" because of it has a lot of stingrays, especially when the water is warm. So it is important to do the "Stingray Shuffle": shuffle/slide your feet in and out of the surf instead of stepping up and down. Stingrays are more likely to swim away when you bump them rather than lash out when you step on them. But don't freak out. I was just here the other day (04.05.2006) and was stomping around a lot in the surf and didn't hit anything. If you do get nailed though, put your foot in really hot water for a couple hours; it will absolutely kill the pain.
Christopher @ Clew First Windsurfing (http://www.clewfirst.com)